A specialized bank licence in Lithuania granted to Finora kreditas
Law firm “Ellex Valiunas” represented “Finora kreditas”, UAB, in obtaining a specialized banking licence for the European Economic Area. Following the assessment and proposal of the Bank of Lithuania, the European Central Bank (ECB) granted Finora kreditas, UAB a specialised banking licence. The ECB`s statement was announced on 2nd, May.
The main focus of Finora will be on growing the lending for SMEs, entrepreneurs and creative industries, which will consist of mortgage-backed loans, unsecured loans, factoring and leasing. The target segment will be micro, small and medium-sized enterprises with a clear financing shortage.
One of the key factors is pan-Baltic cooperation, whereby Finora will cooperate with companies operating in Estonia and Lithuania and beyond.
The Company will have 2 core business lines: lending and deposit. In lending services, the focus will be on making credit facilities more efficiently available for the most dynamic market segment, SME and entrepreneurial segments, as well as for the creative companies, currently witnessing inadequate availability and terms of credit.
AS Finora Capital launched its activities in May 2014 in Estonia, intending to provide affordable credit for private persons and companies in the regions facing the inevitable transformation of the financial sector, starting from the Baltic Sea area. Experience gained with more than 8 years of operations in Estonia has enabled the firm to establish a solid customer base and knowledge for servicing different market segments, focusing on financing SME’s, entrepreneurs and creators. Since its inception, the organization has been built with a focus on becoming an international credit institution. The firm has operated in the Lithuania lending market since 2019 and has a noticeable amount of customers here.
In the imminent phase of its development as a bank, Finora will aim to build profitable growth in Lithuania and Estonia. Since there are many similar financial patterns, particularly lending market developments in many other European countries, the bank sees a solid rationale to broaden its activities into additional markets in the future.
The client was advised by partners Ieva Dosinaitė and Giedrius Stasevičius, associate partners Gytė Maleckaitė and Neringa Mickevičiūtė, senior associate Domantas Gudonis, associate consultant Mindaugas Moskalionas and associate Eglė Radvilaitė.