Following in the footsteps of other major Western European financial companies, Danske Bank is moving jobs to Lithuania in order to cut costs.
"This will be the first time the Danish banking heavyweight will move proper banking functions abroad; so far relocation has only involved IT jobs moved to India," it wrote.
According to News2biz, the bank announced this last week through its intranet.
The staff of the Lithuanian center will do "back-office jobs", such as handling of cross-border payments.
Danske does not rule out creating more jobs to the Baltics in the future.
"We have said that we are moving 50 jobs now, but when we get to the end of the year, you never know what will be announced," Mads Jacobsen, the managing director of Danske's international banking division, was quoted as saying by News2biz.
Sweden's SEB and Norway's Storebrand already have hundreds of back-office staff in Lithuania, while Swedbank is still exploring the idea of setting up a service centre in Vilnius, first voiced in early 2011, according to the report.