Šiaulių Bankas will provide services in Germany
Šiaulių Bankas will provide a deposit service to clients residing outside Lithuania. First of all, the bank will offer deposits in the euro area market which is largest by deposit portfolio - i.e. in Germany. The deposit service in this country is expected to be launched from the beginning of the second quarter this year.
Permission to render deposit service in Germany has been issued by the German Federal Financial Supervisory Authority (Germ. Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin).
According to Tomas Varenbergas , Director of Markets and Treasury Department of Šiaulių Bankas, decision to provide the deposit service in Germany is based on the goal to diversify the bank's financing portfolio.
The German market has been chosen for its potential customer base. At the beginning of 2019, the term deposit portfolio of Šiaulių Bankas amounted to EUR 900 million. Lithuania will remain the main market for Šiaulių Bankas and Germany will become an alternative market to attract additional funding sources.
T. Varenbergas states that after evaluating the experience in Germany and the pace of bank's development, Šiaulių Bankas may offer the deposit services to clients from other European countries in the long run.
"We are observing a tendency where the savings service market becomes more and more global, gaining more synergies with financial technology companies, therefore, we do our best taking advantage of this situation and expanding the range of financing opportunities by offering customers not only traditional banking services but also new virtual solutions" - stressed the Director of Markets and Treasury Department.
