VILNIUS – Lithuanian President Gitanas Nauseda has invited Poland's Pekao bank to start its business in Lithuania after discussing the issue with the Polish bank's CEO Marek Lusztyn in Davos, an adviser said.
"When competition is going down, margins are going up, it’s a good time for new players to come. We presented the idea and they were interested," presidential adviser Simonas Krepsta told BNS by phone from Davos on Thursday.
In his words, the meeting discussed a possibility for Pekao representatives to come to Lithuania to assess the existing market situation.
Lithuania's banking sector is one of the most concentrated in the EU, with three major banks, including Swedbank, SEB and Luminor controlling four fifths of the market.
Insurance and financial services company PZU is Pekao's major shareholder. PZU already owns Lithuania's largest non-life insurance company Lietuvos Draudimas and also life insurance company PZU Lietuva Gyvybes Draudima.