Commerzbank, one of Germany's largest banks, has expressed strong interest in Lithuania, according to Lithuanian Economy and Innovation Minister Ausrine Armonaite.

After meeting with members of the bank’s board in Vilnius on August 8, Armonaite emphasised that the bank's intentions in Lithuania are "absolutely serious”, LRT.lt, the website of Lithuanian national broadcaster LRT, reported on August 9.

The following day, on August 9, the bank’s representatives also had a meeting with Lithuanian President Gitanas Nauseda.

“The meeting was very positive, and Commerzbank will inform itself about the specific plans in Lithuania,” Armonaite told BNS, a Lithuanian newswire, on August 8.

“I can only say that with the natural growth of foreign direct investments in Lithuania, especially from Germany, as well as Germany being our main export market […], it is natural that the business needs more financial partners, banking partners,” she said, BNS reported.

During her discussions with Commerzbank, Armonaite explored potential avenues for the bank to expand its operations in Lithuania but did not reveal specific details about the format or nature of its possible ventures in the country.

Armonaite first engaged with Commerzbank officials in November of the previous year during a visit to the bank’s headquarters in Frankfurt, where she outlined the investment opportunities available in Lithuania.

While Commerzbank did not elaborate on the details of its recent discussions with the minister, a spokesperson expressed satisfaction with the opportunity to talk about Lithuania's investment climate.

Commerzbank reported a 12% year-on-year increase in profits for the first half of 2024, reaching €1.3bn. The bank's revenue also saw a modest rise of 2%, amounting to €5.4bn compared to €5.3bn in the same period in 2023. Currently, Commerzbank operates in 46 countries in addition to its operations in Germany, LRT.lt said.