by LĪVA MELBĀRZDE
Ms Klötzl, you have been with Commerzbank for over 40 years – what has motivated you to remain loyal to the bank all this time?
I’ve worked in the financial industry for almost 43 years, nearly 40 of them at Commerzbank. When I joined in 1983, one thing quickly became clear: the Commerzbank Group places great importance on thorough training, teamwork and collaboration. Over the years, I’ve had the chance to experience many different areas – from syndication and corporate clients to financial institutions, where I’ve been working for the past 20 years. What I truly enjoy is working with different countries and cultures. I’m grateful for my time in international banking, during which I’ve been responsible for regions as far away as Australia and New Zealand, as well as 17 European countries – currently including the Nordics and Baltics. With this knowledge, I’ve been able to create real value for the company. That’s what keeps me loyal to the bank, and my allegiance remains unshaken. I’m proud to be part of “Team Yellow”.
Since 2016, you have been responsible for Estonia, Latvia and Lithuania. What attracted you to this role?
When the Baltic States joined the EU in 2004, this beautiful region was still an unknown quantity to me. That changed quickly, and in a very positive way. I took on responsibility for Estonia, Latvia and Lithuania shortly after the money-laundering scandals in Latvia, when the banks were undergoing major de-risking. That motivated me to support these institutions in finding their new direction and to assist them in areas such as payments and trade finance. Today, local banks make full use of Commerzbank’s product range, including capital-market services.
How do you view economic development in the Baltic States – especially in the financial sector?
The Baltics could be described as the “Speedy Gonzales” of Europe: in Estonia, Latvia and Lithuania, things move faster, with more flexibility and shorter decision paths. People here are very well educated and highly connected. The region’s appeal lies in its dynamic economic growth, political stability, strong European outlook, EU and NATO membership, digital strength, and a large pool of skilled and motivated professionals. On top of that, there is a robust regulatory environment, especially regarding anti-money-laundering, prevention of terrorist financing and anti-corruption measures. In recent years, the Baltics have become a sought-after nearshoring location, especially in financial services, fintech and research. U.S. and Nordic companies are increasingly choosing the region for their global business centres.
What economic and financial trends will shape the Baltics in the years ahead?
There are good times ahead for the Baltic economies. For 2025 and 2026, strong GDP growth is forecast. The coming years will be shaped by several major infrastructure projects:
• Security and defence: Around 3.5 percent of GDP in the region will be allocated here. The stationing of the German brigade in Lithuania is also highly significant.
• Green transition: A key EU funding priority is renewable energy, where the Baltic countries plan large-scale investments.
• Rail Baltica: This flagship project will modernise and electrify rail infrastructure across the region. At the same time, the thriving digital infrastructure and start-up scene make it easy to establish a company. Digital ID systems simplify processes for new payment and fintech solutions.
Do you see an increasingly important role for the Baltics in Europe’s financial landscape?
Absolutely. Estonia, Latvia and Lithuania have long been key trading nations on the Baltic Sea. Lithuania already has the fastest public internet in Europe, with fibre accounting for 83 percent of broadband connections – in Germany, the figure is only 4 percent. Estonia remains a pioneer in cybersecurity and digital administration, while Latvia offers strong opportunities for investors, particularly in IT and cyber. Infrastructure projects such as Rail Baltica and renewable-energy developments – from solar plants to battery systems – will further strengthen the region’s role.
What has it meant to you personally to be part of Commerzbank’s expansion in the Baltics?
Commerzbank is present locally in more than 40 countries with branches, subsidiaries, affiliated companies and representative offices. The map would be incomplete without the Baltics. The opening of the 27th representative office – the second in Europe after Zagreb – was the culmination of nearly ten years of work in the region. Our correspondent network with local institutions is now many times larger than it was in 2016. I’m especially proud that many purely Baltic institutions are now part of it – and the number keeps growing.
What strategic role does the Vilnius office play for Commerzbank and its clients? Our motto is simple: we go where our clients are. With the new representative office in Vilnius – covering Estonia, Latvia and Lithuania – Commerzbank’s clients benefit from local expertise. The focus is on trade and project finance, as well as strengthening cooperation with the public sector and financial industry.
How was cooperation with ministries and authorities during the establishment process?
In the Baltics, decision paths are short and hierarchies flat. We have strong connections with ministries, central banks, investment agencies, the German Chambers of Commerce Abroad, consulates and others. A special honour for Commerzbank, our Corporate Clients Board Member Michael Kotzbauer and our team was the reception by Lithuanian President Prof. Dr. Gitanas Nausėda in November 2024, where he expressed his full support for the new office.
What long-term potential do you see in the Baltic market for German and international companies?
Major infrastructure and energy projects offer significant opportunities for investors. Sectors with strong potential include construction, renewable energy, IT, shared-service centres and education – including projects linked to the German brigade.
What advice would you give to banks or investors entering the region?
Despite their small size, the Baltics are dynamic and full of opportunity. Their location offers easy access to the Nordic countries with 25 million inhabitants and Eastern Europe with around 100 million. Combined with highly skilled, multilingual professionals, abundant natural resources and a strategic position, this makes the Baltics an excellent place to grow a successful business
