Prime Minister Andrius Kubilius: Lithuania is becoming a regional hub for international banking services

Date

2012 10 04

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Yesterday, it was announced that Sweden's SEB Bank Group and the financial group Swedbank were transferring information technology and internal banking operations to Vilnius. A few weeks ago, a similar decision to invest in the establishment of service centre in Lithuania was taken by one of the largest financial groups of Scandinavian Danske Bank. Prime Minister Andrius Kubilius welcomes Scandinavian investors‘ decisions and hopes that other international companies will soon follow suit.

"Largest Nordic financial groups’ decisions of the last three days regarding investment and creation of highly-skilled jobs in Lithuania, very well testify to Lithuania’s turning into a regional added value service hub, with an outreach to the world. We are going to develop necessary tools for this type of investment to spread in other towns of Lithuania, where we have a number of highly-skilled professionals," – said Prime Minister Andrius Kubilius.

An important impetus for the development of services cluster in Lithuania was given by Barclays Bank Technology Centre which went into operation in Lithuania back in 2009, and was shortly followed suit by other international companies. Today, we have a dozen of similar centres operating here, including SEB Bank Operations Centre, European Operations Centre of the international financial services group Western Union. Together they employ at least 6 thousand highly skilled, well-trained and well-versed in foreign languages IT and financial professionals.

The development of financial service centres has resulted in 2 thousand new well-paid jobs for young professionals. According to the Prime Minister, these investments open up many opportunities and an important direction for our universities and colleges as regards training of new professionals. "We are happy that universities collaborate with foreign investors in the training process of future professionals, who upon graduation will be able to easily get a job in IT and high-tech service centres in Lithuania", – said the Prime Minister.

To increase performance and reduce costs, large international companies centralize internal operations through business process function centres bringing together finance, accounting, IT and other operations. Creation of such centres calls for competitive business and tax environment, a modern IT infrastructure and a sufficient number of required professionals in the market. Countries are in competition for such centres, as they offer well-paid jobs, bring knowledge, higher culture of work, they buy goods and services from local businesses.