Industries > Financial Services

Financial Services

Financial services include banking, financial mediation, insurance, leasing, securities, audit and some other related services. Absolutely the biggest share of finance and capital market in the whole three states is held by banks. Other players — insurance companies, investment management companies, investment funds, private pension funds etc. — have a relatively small share of the capital market.

Financial sector is developing in the Baltic States together with growing economy, industry, internal consumption, imports and exports. New financial products are being created and implemented, trade in securities is growing. Electronic trade is developing and electronic banking is gaining popularity. Added value generated by financial mediation is increasing. Market of banking and other financial services is increasing. Competition in this area is especially intense, therefore income margin is decreasing. In that way in order to generate higher profit, service prices or interest rates are not being increased, but there are efforts to reduce expenses, rationalize activities, and increase efficiency.

The banking and other financial services sector of the Baltic States is still much smaller than in the developed Western countries, therefore in this area there are many possibilities to grow further. Furthermore, a big part of people still does not use or uses limited banking and financial services. This sector is increasing mainly due to lending growth and higher efficiency of banks and other financial institutions.

Some of the biggest and most important companies in this area:

• The biggest financial group in the Baltic States Hansabank and its affiliates: Hansapank, Hansa Liising (Estonia), Hansabanka, Hansa Līzings (Latvia), Hansabankas, Hansa Lizingas (Lithuania), investment management, life insurance and other financial services companies;
• Companies of the SEB group: SEB Vilniaus Bankas (Lithuania), SEB Latvijas Unibanka (Latvia), SEB Eesti Ühispank (Estonia) and other financial services companies;
• banks NORD/LB Lietuva, NORD/LB Latvija, Parex Banka (Latvia), Parex Bankas (Lithuania), Rietumu Banka (Latvia), Sampo (Lithuania, Latvia, Estonia);
• insurance companies Lietuvos draudimas, If Eesti Kindlustus (Estonia), If Draudimas (Lithuania), If Latvia, Balta, Estora RE (Latvia), BTA (Latvia, Lithuania), insurance companies of ERGO group ERGO Lietuva, ERGO Latvija, ERGO Kindlustus (Estonia);
• Divisions of OMX Exchanges Vilniaus Vertybinių Popierių Birža, Rīgas Fondu birža, Tallinna Börs.

Experience

Baltic Legal Solutions has worked with numerous leading financial and insurance institutions as well as financial regulatory bodies in the Baltic States and advised on matters including syndicated loans, securitisation, structured finance, PFI and acquisition financing. Our legal teams have high profile experience in advising on different insurance products and strategy developments in the insurance sector concerning the Baltic market.

Links and sources:

Lietuvos statistikos departamentas www.std.lt
Centrālā statistikas pārvalde www.csb.lv
Statistikaamet www.stat.ee
Baltic Business News. Latvian Companies TOP 50 www.balticbusinessnews.com/mod/onl_news.pl?disp=top&file=Latvian_TOP_50.html
Top 500 Companies in Latvia www.konsult.lv/top500.php
Baltic Business News. Lithuanian Companies TOP 100 www.balticbusinessnews.com/mod/onl_news.pl?disp=top&file=LithuaniaTOP100.html
Baltic Business News. Estonian Companies TOP 50 www.balticbusinessnews.com/mod/onl_news.pl?disp=top&file=Est_TOP_50.html
Vilniaus vertybinių popierių birža www.lt.omxgroup.com
Rīgas Fondu birža www.lv.omxgroup.com
Tallinna Börs www.ee.omxgroup.com
Lietuvos Respublikos ūkio ministerija www.ukmin.lt
Latvijas Respublikas Ekonomikas ministrija www.em.gov.lv
Eesti Majandus– ja Kommunikatsiooniministeerium www.mkm.ee
Verslo žinios www.vz.lt
Dienas Bizness www.db.lv
Äripäev www.aripaev.ee
Lietuvos makroekonomikos apžvalga www.seb.lt/pdf/lt/lma22.pdf