The event is part of efforts to drive more competition in the domestic and Baltic market, the Lithuanian central bank said.

“The Lithuanian banking sector is still concentrated, with only three major banks accounting for the majority of the market share. Their extremely high profitability shows that there is room for competition,” said Gediminas Šimkus, chairman of the Board of the Bank of Lithuania.

German banks with solid experience and financial strength could successfully compete with them, he emphasised.

Over 50 representatives of commercial banks operating in Germany attended the event, according to a press release from the central bank.

Lithuania’s banking sector performance is among the best in Europe, which demonstrates the country’s readiness as a jurisdiction to welcome high value-added companies to create greater competition and choice for our consumers, the central bank said.

The event was also attended by representatives of Invest Lithuania, the Ministry of Economy and Innovation, the German and Baltic Chambers of Commerce and the Embassy of Lithuania in Germany.

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