Lithuanian president sees 'no drama' in SEB Bank move

VILNIUS - Lithuanian President Gitanas Nauseda says he sees "no drama" as Swedish-owned SEB Bank, one of the country's largest banks in Lithuania, announced plans to merge its three banks operating in the Baltics into one and move its headquarters to Tallinn.

"I won’t argue with them (SEB Bank - BNS), I have a different opinion. I think the business environment is better in Lithuania right now, the macroeconomic situation is better in Lithuania," Nauseda, who was SEB Lithuania's chief economist until his election as president in 2019, told reporters in Brussels.

"But they run the bank, they make decisions. In any case, SEB's footprint won’t disappear as they will continue their operations. Someone leaves, someone some. Commerzbank is opening its office and is going to expand in Lithuania. I do not see any particular drama here. The Lithuanian economy looks like a star in the Baltic context right now," he added.