OREANDA-NEWS. April 27, 2010. The Bank of Lithuania approved of AB Bank SNORAS intentions to provide financial services in the Federal Republic of Germany without establishing a branch, reported the press-centre of Bank SNORAS.

The Bank of Lithuania, approving of AB Bank SNORAS intentions to step into the German financial market, forwarded Bank SNORAS notifications about intentions to start providing financial services in these markets without establishing a branch to the institution which supervises activity of the German credit institutions.

“We focus on the active and solidly growing markets and we also endeavour to be in the main global financial centres. We have a firm foundation for the activity expansion in the promising foreign markets into which we plan to step in the nearest future. The largest global companies operate in Germany, some of the largest banks in Europe work there, a lot of opportunities are opened by the stock exchanges of this country. The bank’s group has already gained a foothold in Lithuania and in the Baltic States; therefore, the focus on activity in the promising foreign countries is a timely and purposeful direction of the bank’s activity,” states Zorzas Sarafanovicius, the deputy chairman of the Board of AB Bank SNORAS.

Besides, according to Z. Sarafanovicius’ statement, in all new foreign markets Bank SNORAS caters to the business representatives of this country who cooperate with Lithuania.

Bank SNORAS is already known in Germany and it works with two correspondent banks: COMMERZBANK AG FRANKFURT and STANDARD CHARTERED BANK. In 2009, one of the largest global banks and a long-term partner of AB Bank SNORAS – the German bank COMMERZBANK AG – granted to Bank SNORAS a special award for a fully automated and highly qualitative execution of international payment orders.

AB Bank SNORAS already has a right to provide financial services without establishing a branch: in the United Kingdom of Great Britain and Northern Ireland, in the Grand Duchy of Luxembourg, the Kingdom of the Netherlands, the Kingdom of Belgium, in the Republic of Cyprus, Czech Republic, in the Republics of Estonia and Latvia.

In 2008, Bank SNORAS established a branch in Estonia, and in 2009 the bank’s branch in Latvia began operating as well. The bank is represented abroad by the representative offices in the United Kingdom of Great Britain and Northern Ireland, in Belgium, Czech Republic, Ukraine, and Belarus.