Russian banks eyeing Lithuania

  • 2006-03-01
  • From wire reports
VILNIUS - Russia's banks are interested in the Lithuanian market and will enter it in several years to come, Haregin A.Tosunian, president of the Association of Russian Banks said last week.

"Lithuania is very attractive for our banks, mostly due to the minimum language barrier, well-preserved warm relationships, which eliminate the barriers for business. I am sure that we will see new banks entering Lithuania in several years to come," he said at a Feb. 23 news conference in Vilnius.

"Banks are mulling possible acquisitions and the establishment of new banks in the European region. These plans are being considered by the majority of banks, and we will see several examples in several years. The Czech Republic is likely to be the first market," he added.

Konversbank, a Russian bank that holds 49.9 percent of Snoras, Lithuania's fourth largest bank by assets, has so far been the only Russian bank to operate on the market.

Tosunian, who was in Vilnius on an invitation from the Association of Lithuanian Banks, met with Prime Minister Algirdas Brazauskas, Bank of Lithuania governor Reinoldijus Sarkinas and executive managers of Snoras Bank