Estonia’s LHV Bank has been authorised as a credit institution by the Prudential Regulation Authority (PRA), becoming the first organisation to receive a banking licence without restrictions in 2023.
LHV Bank will now be allowed to accept customer deposits and move away from operating under the temporary permissions as a branch of Estonian retail bank AS LHV Pank.
The company is currently moving all operations to the new bank. It will be fully authorised and regulated by both the PRA and the Financial Conduct Authority (FCA).
After receiving its licence, LHV said that it plans to expand its services to a wider customer base. This includes accepting retail deposits as well as offering banking services to e-commerce businesses.
Last year, the bank acquired Bank North’s SME lending business line and obtained regulatory clearance from the FCA to issue SME loans.
“Receiving the licence without restrictions in just over a year since submitting our application validates the exceptional work of our team and the professional operation we’ve built,” said Madis Toomsalu, chairman of LHV Bank.
She added “We expect LHV Bank to achieve profitability by the end of our first year of operations. Our ability to generate additional capital internally positions us strongly for further growth in the dynamic UK banking market.”
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