Banks, Financial Services, Internet, Investments, Lithuania, Technology

The SEB banking group's banks in Latvia and Estonia already use the common IT platform and once it is introduced in Lithuania, the introduction in all three Baltic states will be completed.

SEB representatives told the introduction of the new IT platform in Lithuania would cost around 40 mln euros, and once installed, it will reduce the bank's platform support costs as it would be the same in all three countries. As the platform is being developed by the bank itself, costs for external partners will also go down.

"Introduced by the SEB group itself, a common IT platform in all Baltic states will allow us to offer more modern digital solutions to clients and to step up the introduction of new services to the market and their development. Therefore, we will be able to ensure competitive offers to our clients and better meet our clients' expectations," Aivaras Cicelis, a deputy president and head of the business support division at SEB, said in a statement.

The SEB group posted 27.2 mln euros in unaudited net profit in the first quarter, up 13.3% from the same period last year. The banking group's assets stood at 7.9 bn euros at the end of March, up 11.3% from the same period in 2018.