Pinsters view on this? Are they trying to take advantage of the many Lithuanians heading home or diversifing into (a troubled imho) market overseas?
VILNIUS, Feb 07, BNS - Allied Irish Bank (AIB), the leading Irish banking group, has acquired the Baltic mortgage lending business of AmCredit controlled by the Baltic-American Enterprise Fund (BalAEF). AIB has already obtained all regulatory permissions required for the transaction. Activities in Lithuania will be taken over by a newly established affiliate using the trademark of AmCredit, AIB has said in a statement. AmCredit, which currently only renders housing loans, aims to expand the range of banking services being offered in future. “Now we are developing a new AIB strategy for the Baltic countries. We will provide more details as soon as it is approved,” Arturas Ungulaitis, deputy head of AIB affiliate, said. “We intend to expand and strengthen the current commercial activities of AmCredit. AIB has come to this market to stay here for long. We see a good potential for further expansion of our business here in future,” Rowan Duggan, AIB Baltics executive director, said.
AIB currently has 13 outlets, including four in Lithuania, and 145 staff across the Baltic countries.
(c) 2008 Baltic News Service
Baltic Business Daily