OREANDA-NEWS. December 06, 2007. The biggest shareholder of the JSC "Latvijas Krajbanka" the Lithuanian bank "Snoras" plans expansion to new markets and is going to extend its activity on the markets, where the bank is already working, reported the press-centre of Latvijas Krajbanka.

"We are exploring markets in the Balkans, where the business growth and prosperity are expected. Croatia, Serbia, Macedonia and Montenegro are also very interesting markets," said at the press conference in Vilnius Raimondas Baranauskas, the chairman of the board and one of the biggest owners of the bank "Snoras".

Next year the bank is planning to change its representative offices in Estonia, Belgium, in the Czech Republic, and possibly also in the Ukraine to branches.

"We wish to become an international financial group. It is a big challenge for us. I am sure that we will be able to implement our ambitious plans," said Baranauskas.

Baranauskas also informed that the branch in Estonian will be opened next year in March and in 2008 "Snoras" is going to establish here 15 to 20 so-called mini banks or payment stations.

Baranauskas said that this year "Snoras" invested more than 10 million lits (two million lats) in the expansion of its network in Lithuania and abroad, and next year the bank is planning to increase investments.

Now there are 247 client service centres in Lithuania and 107 - in Latvia within the "Snoras" network. 

"Snoras" has also launched the process in order to open its representative offices in Shanghai and London, as well as the bank is willing to work in Cyprus, where the business terms by the branch opening are favourable.

The Lithuanian bank "Snoras" holds 75,9% of the JSC "Latvijas Krajbanka" shares.