German lender Commerzbank is set to open a representative office in Lithuania in December, aiming to expand its trade and project finance across the Baltic region.

The office will serve as a hub for the bank’s operations in Estonia, Latvia and Lithuania, which Commerzbank says are of great importance to its international growth strategy. It will also seek to deepen cooperation with the public sector and local financial services.

The Lithuanian branch will be headed by a senior representative, whose appointment will be announced once the office is opened, Commerzbank tells GTR. The team will consist of a few individuals on the ground who will manage relationships locally, but the global relationship managers will continue to operate from the bank’s Frankfurt headquarters.

“Germany is one of the most significant trade partners of the Baltic countries,” says Michael Kotzbauer, Commerzbank’s board member for corporate clients. “This step will strengthen Commerzbank’s presence in this fast-growing region of Europe. By doing so, we also promote the diverse economic relations between the Baltic States and Germany.”

“This is an important step forward in our mutual collaboration as nations, which comes at a time when collaboration on all fronts is crucial,” says Lithuanian President Gitanas Nausėda, according to Invest Lithuania, the country’s investment promotion agency. “We look forward to welcoming Commerzbank to our growing financial sector and would like to invite others to join them and us here in Lithuania.”