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December 17, 2018updated 18 Dec 2018 5:13am

European Merchant UAB secures specialised bank licence

European Merchant UAB has secured specialised bank licence from the European Central Bank (ECB) after a detailed assessment by the Bank of Lithuania.

The bank licence enables an institution to operate across the European Economic Area, however European Merchant UAB will operate primarily in Lithuania.

The licence will allow the company to provide conventional banking services in the country. It can accept resident deposits and offer lending services to households and businesses.

The bank, which is part of the electronic money institution Akre Group, will also be able to offer payment services.

However, with this licence it cannot offer investment services.

Akce Group, which also operates Ozan, established European Merchant UAB in a bid to expand its service portfolio.

European Merchant UAB is the third company to receive a specialised bank licence after Lithuanian credit union Mano unija and Revolut Technologies UAB.

Bank of Lithuania is currently assessing three additional applications for a specialised bank licence in collaboration with the ECB.

Since the last year, financial institutions are allowed to form a specialised bank in Lithuania. The central bank awards the licence in around one year.

Last month, Bank of Lithuania awarded electronic money institution licence to Chinese fintech company Paytend Technology.

Through Lithuania, the company aims to provide low-cost digital banking services in the Europe.

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