EUROPEAN MERCHANT BANK became a member of the Banking Association of Lithuania on June 1st and will start providing traditional banking services this autumn. EUROPEAN MERCHANT BANK received a specialized bank license by European Central Bank in December 2018. First, a bank based in Lithuania will serve commercial clients; in 2020 banking services will also be available to individual clients.
Mindaugas Kyguolis, CEO and Chairman of the Management Board, says: “We will start providing services in autumn 2019. To corporate customers, we will offer loans, money transfer services and deposits”.
The Bank will start providing services in Lithuania after the launch of the renewed Loan risk management system. Data from this system will be sent to the base of European Central Bank's system, where all detailed information about bank loans to the legal entities in the euro area is accumulated.
The CEO of the Bank assured, that small and medium-sized enterprises (SME’s) are the focus of EUROPEAN MERCHANT BANK.
Mr. Kyguolis indicates: “While analyzing the situation in the market, we see that there are not enough financing opportunities for SMEs in Lithuania, and companies are facing unfavorable conditions for loans. That's why we chose to focus on these business segments, our goal is to provide opportunities for growth for SMEs and in the future – for all the business-minded as well”.
The bank, which obtained its banking license in December of 2018, is headed by a team of professionals with solid experience in European and Lithuanian banking industry. Mindaugas Kyguolis is CEO and Chairman of the Management Board, while Jelena Salietienė is CFO and Member of the Management Board. The Supervisory Board of the Bank is comprised of professionals with extensive experience in banking sector, namely Ekmel Cilingir, the Chairman of the Supervisory Board, Peter Oakes and Dr. Vygintas Bubnys, members of the Supervisory Board.
Bank’s CEO, M. Kyguolis, says: “EUROPEAN MERCHANT BANK is constantly growing and now has ten employees, who are professionals in their field. By the end of the year, we are expecting to increase the number of employees to sixteen, and we will grow further in 2020”.
100% of the shares of EUROPEAN MERCHANT BANK are owned by a Norwegian entrepreneur Dr. Ozan Ozerk. A specialized bank is licensed to offer main banking services: deposits, loans, money transfers, other traditional banking services, except for investment services.
EUROPEAN MERCHANT BANK has become a member of the Lithuanian Banking Association since 1st of June.
„With EUROPEAN MERCHANT BANK joining the association, we already have 13 members, the strongest players in the financial market, all basing their activities strictly on trust and transparency. One can only rejoice that foreign financial companies value Lithuania as an attractive market, recognize the highly qualified financial professionals and the perspectives for business growth. We all work for clients – so the increasing competition among the banks is a win-win situation for both business and individual customers”, claims Mantas Zalatorius, the President of the Lithuanian Banking Association.
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