Nordea to purchase Polish Kredyt Bank operations in Lithuania

Acquisition helps group to strengthen market position in Baltic Sea region

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The Nordea financial services group is to buy Polish Kredyt Bank's operations in Lithuania. According to Nordea, the acquisition will support the group's aim to form a comprehensive branch network that covers all of the largest cities in the Baltic Sea region.
      "For quite some time Nordea has sought growth opportunities in Lithuania", says Thomas Neckmar, Head of Nordea in Poland and the Baltic Countries. The transaction will be completed during the summer.
      "This deal enables us to expand our services faster than would have been possible through the setting up of our own branch network", Neckmar explains.
     
The agreement expands Nordea from a head office and one branch in Vilnius to a total of eight offices in the major Lithuanian cities of Vilnius, Kaunas, Klaipeda, and Panevezys.
      Kredyt Bank was the first foreign bank to establish operations in Lithuania, in 1997. Kredyt Bank serves 2,700 customers in Lithuania, with total assets amounting to EUR 118 million.
      "Lithuania is an interesting, growing market area", says Neckmar of the acquisition.
     
Nordea first commenced operations in Lithuania in 2000. The group concentrates on providing services to Nordic business customers as well as to large local corporate clients. Currently Nordea has around 5,500 customers in the country.
      According to Nordea, it is one of the biggest business banks in Lithuania. Nordea calculates that it has a 25% share of all the Nordic and large local business clients in the country.
      Nordea Group's objective is to strengthen its market position in the entire Baltic Sea region.
      Among foreign banks, the Nordic banks dominate the market in the Baltic States, but also the Germans have found their way to the growing markets of the new EU members. 


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