Inbank plans to establish its Lithuanian branch by the end of the year, with plans to accept deposits and provide lending services, the Bank of Lithuania said in a press release.
"The foreign bank branch will merge with the public limited liability company Mokilizingas (authorization to acquire the company was issued in mid-May 2018) and gradually take on all of its rights and obligations (including the loan portfolio, staff, etc.)," it said.
Currently, seven banks hold bank or specialized bank licenses and nine banks operate as foreign bank branches in Lithuania.
"Together with the European Central Bank, the Bank of Lithuania has been assessing four more applications: three for a specialized bank license, one for a banking license," the Lithuanian central bank said.
A foreign bank branch is supervised by the financial supervisory authority of the country where it is established and its deposits are insured with the deposit and investment insurance fund of that country. Issues related to consumer protection are handled by the Bank of Lithuania, according to the press release.