The central bank explained on Thursday that the permission had not been issued since the required data related with the activities of the Russian bank had not been provided in full, in particular, Investtorgbank had not provided comprehensive information about its shareholders.
Last November, the Bank of Lithuania gave its approval for Elmaras Milinavičius to head the representative office. However, the central bank has asked the Russian bank to provide certain "significant" additional information.
According to media reports, it is fierce competition in Russia that is driving Investtorgbank to expand into new markets. In Lithuania, for example, Scandinavian-owned banks, which dominate the market, lend less money than companies and private individuals repay them in loans, which leaves room for other lenders.
Last July, Investtorgbank's board of directors decided to open a representative office in Vilnius and to consider opening a representative office in the German city of Bonn.