“When it comes to managing portfolios, Finasta holds around 50% of the market share in Lithuania,” says Andrius Barštys, chief executive and chairman. “There is quite tough competition in the Baltics in private banking, especially among the Scandinavian banks, but their major weakness is the lack of attention to personal client needs,” he says.
Indeed, Barštys claims that global banks in the region are not adjusted to the local market: “The investment products [global] private bankers propose have their origins in Scandinavia and do not always fit in with the investment strategy clients in Lithuania are ready for,” he says.
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