Finnish logistics company HRX joined the association

HRX is a family-owned Finnish company specialising in international groupage shipment deliveries. HRX logistics centres are located in Finland, Sweden, Estonia, Latvia, Lithuania, and Poland.

The company provides clients with unique logistics solutions to help them succeed in their business. HRX’s goal is to be the fastest, which means that the strategically located terminals are designed to provide the most efficient next day delivery for the customers. The company’s ordering system is designed to be as easy, convenient and user friendly as possible.

A new member – Valoe Oyj joined FLCC

It is a Finnish technology company specializing in photovoltaic technology. The company develops new efficient methods to generate renewable solar electricity in an innovative way.

Valoe Oyj manufactures IBC solar cells in Vilnius, Lithuania, and conventional and  Valoe OddForm® PV solar modules in Juva, Finland. Valoe also installs photovoltaic systems either as traditional solar power plants or as systems integrated into its application. Valoe has developed its own production lines and also offers photovoltaic technology and equipment to its customers.

Since 1999, Valoe’s shares have been listed on the NASDAQ OMX Helsinki Exchanges.

EMBank gains momentum – profit instead of losses and over 100 percent growth of the business loan portfolio

The European Central Bank (ECB) licensed bank, European Merchant Bank (EMBank), is now in its third year of operations in Lithuania and reported a profitable first quarter for 2022. The bank posted a profit of EUR 54 thousand in the first quarter of 2022, as opposed to a loss of EUR 393 thousand reported in the first quarter of 2021.

EMBank’s growth in the first quarter is also reflected in other key performance indicators. The number of signed business loans more than doubled and reached EUR 25 million, while the total amount of deposits increased by 105 percent and exceeded EUR 79 million, and the value of the bank’s total assets reached almost EUR 100 million – 83 percent more than a year ago.

In the first quarter of this year, the bank’s net interest income and net income also increased (by 406 and 114 percent, respectively). The net income reached EUR 1.465 million, compared to a total net income of EUR 4.2 million for the whole of 2021.

According to Sarp Demiray, CEO of EMBank, the beginning of 2022 was a stressful time for most businesses and people due to objective reasons, so striving to achieve great results was a difficult task. However, the investments made last year in relation to hiring highly-qualified specialists and developing a network of partners, as well as the decisions to focus on risk management, the implementation of advanced information technologies (IT) and the creation of a positive customer experience, allowed the bank to grow even more than anticipated, in a strained environment where a high number of businesses have adapted.

“The war in Ukraine threw some businesses out of balance for some time, but they quickly regrouped and continued working on new projects or entered new markets. Our successful adaptation is evident from the increased number of business loans we’ve signed. We’re also seeing a growing demand for other services, so one of our goals for 2022 is to offer card business (both issuing and acquiring), leasing and other financing products to businesses as quickly as possible,” said the CEO of EMBank.

In addition, the Chairman of the Board, Ekmel Cilingir, stated that the latest EMBank results prove the suitability of its long-term business strategy, which has ensured the new bank’s profitability and resilience to external factors in a relatively short space of time.

“From the very beginning, this bank has focused on small and medium-sized businesses (SMEs). In the current context of rising energy prices, disturbed logistic structures and soaring inflation, we are ready to become an important partner for SMEs, who will not only help them survive this difficult period but also give them a boost for future growth,” said Cilingir.

According to him, although geopolitical and economic reasons have complicated the forecast, the bank is expected to maintain a similar growth trend in the second quarter of the year, with working capital and investment loans as the main sources of its growth.

EMBank’s services have been used mainly by real estate, transport and storage, and manufacturing businesses, as well as credit institutions, and companies involved in the agriculture, forestry and fishing, wholesale and retail sectors.

EMBank provides a full set of various banking services starting from Working Capital and Investment loans, Credit Line and Overdrafts to such as Banking as a Service offering, combined with Safeguarding Account, Business Account, and Accumulative Account types as well as payment options through SEPA, Swift, and Target2.



Finnish company Lindström joins FLCC!

May 10, 2022 Lindström welcomed guests in Vilnius as a recently joined member of the Finnish Lithuanian Chamber of Commerce.  The Finnish ambassador in Lithuania, Arja Makkonen, was among the honored guests of the Chamber. Aivaras Sebeckis, the Head of the company, introduced the company’s corporate values and circular economy business model. FLCC members received a behind-the-scenes glimpse at how Lindström’s sustainable solutions work during the live tour. We are excited to have Lindström as part of the FLCC community and look forward to the positive collaboration and new opportunities in the future.


Environment on line and Treebuddy Earth – we planted the trees!

On Sunday afternoon, May 8, the Finnish Embassy and Finnish Lithuanian Chamber of Commerce members, law companies –  Sorainen, Magnusson Lietuva and Fondia Lietuva planted three cherry blossom trees in the square next to the Embassy building, thus taking part in the ‘Plant And Care For Peace’ initiative, started in Finland. As war in Ukraine rages on and the climate crisis thickens, the Finnish embassy and F -LCC members – Sorainen, Magnusson and Fondia took part in planting three blossoming cherry trees joining more than 50 other countries in the project — planting trees for peace. The Ambassador of Japan, Shiro Yamasaki, attended as well.

This action starts on the 22nd of April on Earth Day and ends on the 5th of June on the UN’s World Environment Day.


The cooperation between Lithuania and Finland

The cooperation between FLCC member @Finesta Baltic and Lappeenranta and Imatra cities in Finland resulted in a warm welcome visit to Vilnius and Kaunas on May 6, 2022. Engineers, production managers, project experts, transport specialists had a full business program here., met with city and local business representatives. The cooperation to be continued in the future!

„Decarbonization of Transport“ conference

„Decarbonization of Transport“ conference held on May 5, 2022 at FLCC member Technopolis, attracted companies and people from various fields. The presentations and discussions at the Conference related to sustainable transport, sustainable renewable fuels and policies limiting global warming. The conference was moderated by Business Finland Piotr Hajdeck, powered by Neste, a Finnish company founded in 1948. Great participation!




EMBank 2021 results: 13x revenue growth and EUR 27.7 million growth in loan portfolio!

For European Merchant Bank, which holds a banking licence from ECB and has been operating in Lithuania since 2019, the results for last year were the best in its history. The bank has significantly improved in all its operating metrics, according to the Bank’s audited financial statements.

Last year, EMBank began building its business loan portfolio nearly from scratch, eventually reaching EUR 29.7 million by the end of 2021. In the same year, the bank generated an income of EUR 4 million 286 thousand, almost 13 times more than in 2020. The total deposits for the year reached EUR 75.9 million, or double the amount compared to the end of 2020. In addition, European Merchant Bank managed to break even for the first time by the middle of 2021 since starting its operations in Lithuania and managed to end the year with a loss of just EUR 605k, which was 13% better than its planned budget.

“Last year was a period of strong growth for us, as we achieved a more than10 fold increase in our income. There were several causes driving this remarkable growth. First, we worked on strengthening our brilliant team, which grew by 54% and reached up to 54 FTEs by the end of 2021. Meanwhile, the growth of our brand recognition allowed us to attract reputable and experienced professionals to take on key positions within our agile organisation. Additionally, we managed to enhance our ‘bigger team’ through an efficient network of partners and correspondents. Secondly, our customer base grew significantly as we more than doubled our number of clients. Aside from strengthening our sales teams, this success was due to initiatives to increase our brand awareness in both local and international markets through establishing an active presence in associations and chambers, public communication and referrals from existing customers, event sponsorships and the application of top-notch digital marketing. We are seeing a strong trend of businesses turning to us for financing services, which is clearly evident from the rapid growth of our asset size. Lastly, we invested heavily in our structural fundamentals such as risk management, compliance, IT infrastructure, internal processes and improving our customer experience, which we consider to be critically important for taking our next big leap forward in 2022,” said Sarp Demiray, CEO of European Merchant Bank.

Last year, the European Merchant Bank also focused on improving its anti-money laundering and risk assessment methodologies. The bank near tripled its AML and risk management departments by adding new talented and experienced people and new technological solutions, with a focus on strengthening its anti-money laundering and risk management solutions.

EMBank provides working capital and investment loans targeted at SMEs and is planning to offer issuing and acquiring, leasing and other financing products in the near future. The bank also provides account and payment services to international and local corporations and financial institutions as a direct member of SEPA, SWIFT and TARGET2, and provides Banking-as-a-Service (BaaS) products.

At the end of 2021, EMBank’s funding portfolio was dominated by the real estate (27% of the total loan portfolio), transport and storage (17%), manufacturing (17%), credit institution (15%), agriculture, forestry and fishing (7%), and the wholesale and retail (6%) sectors.

“Although we are still a relatively young digital bank, our strong performance last year shows that more and more businesses view us as a reliable partner. This is a very encouraging result. With our international experience and financial services, we are aiming to help small and medium-sized enterprises in Lithuania grow at a faster rate. These are the companies that can make a greater contribution to the faster economic growth in Lithuania. At the same time, we have a strong base of local and international clients with a demand for our payment services. Therefore, European Merchant Bank will keep on actively investing in business development to continue meeting the company’s objectives,” said Ekmel Cilingir, Chairman of the Supervisory Board at EMBank.


Great news! Famous Finnish company Lindström joined the association!

Lindström is a family-owned textile service company whose business is based on circular economy. The company was established over 170 years ago in Helsinki, Finland, where the head office is still situated. Lindström offers a wide range of textile services to the customers in Europe and in Asia – ranging from workwear, cleanroom textiles, mats, industrial wipers and washroom products to textiles for hotels, restaurants and healthcare. Lindström focuses on making its customers’ lives easier and helping them be more sustainable. Sustainability is at the heart of who the company is, and it operates according to the same environmental principles in all 24 countries of operation. The company has received several external recognitions on current markets such as being selected as one of Finland’s most interesting companies in circular economy by Sitra and won the Family Business of the Year 2021 in Finland.  In Lithuanian market the company has been working already for 24 years!

From Helsinki Partners, a Security Through Work Project partner – find a job and feel welcome to Finland!

Over 60 Finnish companies are looking to employ Ukrainians right now. @EK and @StaffPoint have joined forces to create the Security Through Work Project. More information here:

Entrepreneurs and business owners looking to relocate to Helsinki andencourage to use our free advisory services: