Charm of e-commerce united two Lithuanian market leaders – in banking and insurance

SEB (Skandinaviska Enskilda Banken), which has recently purchased the best bank of Lithuania – Vilnius Bank, reached electronic era of its development and thus came to pretend becoming the best this sphere leader in the whole Europe. This Company has much love for electronic commerce and thus they attract every new citizen of its imperia.

Vilniaus Bankas has taken the first steps in this direction; it has about 3.500 Internet users registered so far. Actually, this number has been rapidly increasing lately. As to Aleksandras Fedaras, the Bank Media Representative, 100-150 users register daily. After the policy of free-use-days has been announced, the number of users has gone up rapidly.

Vilniaus Bankas developed good relationships with huge Lithuanian Insurance Company Lietuvos Draudimas, which is as well excited about the new mania of electronic commerce. Lietuvos Draudimas was the first one to start offering transport … insurance services online at the end of November (More Info). Leaders of the both organizations – Kestutis Serpytis (LD) and Julius Nedvaras (VB) – signed Intention Protocol on strategic partnership while creating and selling new products and controlling property.

According to the above agreement, the organizations are planning to offer electronic service complex. One of the services will be trade in Vilniaus Bankas cards, which will be used to insure one’s health, via web.

Moreover, Lietuvos Draudimas is getting prepared for serious investment projects that will involve not only State but also European obligations, also other projects. LD will benefit from the structure that was worked out by Rizikos Kapitalo Valdymas Company, the subsidiary company of Vilniaus Bankas. The both sides are hoping greatly for premises loan market, which is growing so rapidly in Lithuania; this market is also closely related to insurance sphere.

To be short, collaboration of banking and insurance market leaders is based on mutual advantages. The fact that the two companies got together was no surprise, since SEB and Danish Insurance Alliance Codan A/S, which has 70 percent of Lietuvos Draudimas shares, did bring them together. SEB sold part of its insurance business to Codan A/S last year. Vilniaus Bankas offers insurance services as well; the Bank has its subsidiary company Gyvybes Draudimas. It’s absolutely possible that Julius Nedvaras will sell part of this business to Lietuvos Draudimas.

Vilniaus Bankas made US$16.5 million of net profit during 9 months of this year; whereas, Lietuvos Draudimas made US$2.6 million of profit during the same time period.