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LHV Secures UK Banking Licence from the PRA
LHV Bank, a leading provider of Banking Services and SME Lending solutions, announces it has been authorised as a credit institution by the Prudential Regulation Authority (PRA), becoming the first institution to receive a banking licence without restrictions in 2023.
This milestone achievement allows LHV Bank to accept customer deposits and transition from operating under the temporary permissions regime as a branch of Estonian retail bank AS LHV Pank (LHV Pank) to being a fully authorised and regulated bank by both the PRA and the Financial Conduct Authority (FCA).
The decision to pursue a UK banking licence was made in 2021, and LHV submitted its application in March 2022. Following a close collaboration with the PRA and the FCA, the bank has secured the licence in just over a year, demonstrating its commitment to regulatory compliance and high standards.
Madis Toomsalu, Chairman of LHV Bank, stated, “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. 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.”
Erki Kilu, the CEO of LHV Bank, added, “In addition to our existing Banking Services and SME Lending activities, we plan to start accepting retail deposits later this year and expand our banking solutions offering to e-commerce businesses, maintaining the same level of convenience, reliability, and security that our existing clients have come to expect.”
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