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2007-12-05
Bank SNORAS group’s investments in development exceeded 10 million Lt
This year Bank SNORAS financial group's investments in the network development in Lithuania and in the international market exceeded 10 million Lt. Within this year Bank SNORAS group has opened 19 new customer service subdivisions in Lithuania, 28 mini-banks in Latvia, has started reorganizing the representative office into the branch in Tallinn, has begun establishing the branch in London and a representative office in Shanghai.

"We can call this year in the history of Bank SNORAS group's activity as the year of the most rapid development in Lithuania and in the international market. It is the year when we gained a foothold in the neighbouring Baltic States and our boundaries of "the close bank" have reached even the remote Asian market. We are proud that we have been the first to enter the main global financial centres - London and Shanghai, the capital of China - and thus we have defined possible activity milestones for other business companies of the country," - Raimondas Baranauskas, President and Chairman of Bankas SNORAS, states.

According to R. Baranauskas, Bank SNORAS group strengthening its positions in the international market is seeking to implement ambitious goals of becoming one of the most powerful financial service groups in all Baltic States and a full-fledged bank group operating in the international market.

In 2007, Bank SNORAS has added 19 new subdivisions in the largest customer service network in Lithuania: 15 of them are mini-banks ("snoriukai") and 4 are branch outlets designated for servicing new-concept business clients and private clients. Presently the entire Bank SNORAS customer service network in Lithuania comprises 247 subdivisions and 329 ATMs.

The larger part of the investments designated for development in foreign countries was used for expanding the customer service network in Latvia where Latvijas Krājbanka managed by Bank SNORAS has opened 28 "snoriukai" mini-banks in all regions of the country and has formed the most expansive customer service network. The other part of foreign investments was designated for reorganizing the representative office into the branch in Tallinn and establishing the branch in London and the representative office in Shanghai.

Next year in Lithuania, Bank SNORAS is planning to direct all its strength to expanding the business banking and developing branch outlets designated for servicing new business clients as well as private clients. The most important advantages of Bank SNORAS, which will assist in strengthening its positions in the business banking sector, are efficiency and flexibility.

In foreign markets, Bank SNORAS intends to devote most attention to the regions which are characterized by extremely high growth potential. At the moment Cyprus and Balkan countries are the points of great interest because a need for financial resources is felt in these regions - a need which could be met by the experience of Bank SNORAS accumulated in Lithuania and in other countries.

"We are planning further development of Bank SNORAS group also in those countries with whose markets we have already managed to familiarize ourselves through the mediation of Bank SNORAS representative offices. We envision a lot of opportunities in Czech Republic where we are planning to reorganize the representative office in Prague into a branch. We cherish similar plans concerning the representative office in Brussels," - R. Baranauskas says.

According to R. Baranauskas, Bank SNORAS performing rapid development in Baltic States and in the international markets is gaining more and more advantages which can be used by the bank clients as well as business partners.



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AB Bank SNORAS
7 A.Vivulskio Str. LT-03221 Vilnius
Phone: + 370 5  239 2239
Fax: + 370 5  232 7300
E-mail: info@snoras.com
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