Bank of Lithuania
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The segment of financial services for businesses will welcome a new participant: following the proposal of the Bank of Lithuania, the European Central Bank granted Finora kreditas UAB a specialised bank licence. 

The shareholders of the company are natural and legal persons residing in Estonia. Having secured a specialised bank licence, Finora kreditas UAB is expected to grant loans for Lithuania‘s and Estonia‘s small and medium businesses and residents as well as to provide factoring and financial leasing services and accept deposits.

Currently, there are five specialised banks carrying out their activities in Lithuania: AB Mano bankas, UAB GF bankas, AB Fjord Bank, European Merchant Bank UAB and UAB SME Bank. Saldo Finance UAB, which was granted a specialised bank licence in October 2021, is expected to launch its activities in the second half of 2022. The Bank of Lithuania, in cooperation with the European Central Bank, is currently examining six applications for a specialised bank licence.

A number of these specialised banks actively use FinTech as well as help boost competition, attractiveness and accessibility of services. They have the right to accept deposits, grant loans and provide payment and other general banking services, however, specialised banks cannot provide investment and other similar financial services. The opportunity to establish such banks was introduced in 2017.