Article 4(2) of the Republic of Lithuania Law on Banks specifies that a bank shall have the right to provide all financial services, including financial services in a foreign currency, except where this right is restricted by this Law and other laws. However, Article 4(5) specifies a finite and less extensive list of financial services that might be provided by specialised banks. For example, a specialised bank cannot provide investment services or operate a crowdfunding or a peer-to-peer lending platform. The attention should also be drawn to Article 4(3) of the Republic of Lithuania Law on Banks which states that in addition to the provision of financial services, a bank may pursue only such other activities as those in the absence of which financial services cannot be provided, which assist in the provision of the financial services or are otherwise directly related to the provision of the financial services.
Is a specialised bank authorised to provide any financial services?
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