About the service

A Specialised Banking License allows to perform a complete list of banking services, such as deposit-taking, lending, payment services, and electronic money issuance.

The existing specialized bank license with only a 1 million EUR (instead of 5 million EUR) capital requirement is unusual in the whole European Union and European Economic Area. The prestigious pan-European banking license, which has no equivalents in other EU jurisdictions, was granted by the European Central Bank through the Bank of Lithuania and it permits the delivery of all regular banking services across the entire common European financial market.

The following services can be provided by a specialized bank:

• Acceptance of deposits and other repayable funds;

• Lending (including mortgage loans);

• Leasing;

• Payment services;

• Issuance of travel vouchers, bills of exchange, and other payment instruments;

• Provision of financial assurances;

• Intermediary financial services (agent activities);

• Money management;

• Creditworthiness evaluation services;

• Safe rentals;

• Exchange;

• Issuance of E-money.

Requirements for Specialized Banking license:

• The suitability of the papers submitted.
  Documents provided must be accurate and fulfill the standards of the law acts that regulate Specialized Banking activities and administration.

• Compliance with the minimum capital requirement.
  1 000 000 EUR

• Fitness and propriety of the company and its shareholders.
  Entities with a qualifying ownership in the payment institution's authorized capital and/or voting rights must be able to assure the payment institution's competent and prudent management, have a good reputation, and be financially sound.

• Fitness and propriety of heads of a company.
  The management of a payment institution must be well-respected and have the training and expertise required to carry out their responsibilities.

• The business plan must be coherent with the founders of the payment institution's possibilities.