LHV Bank has been authorised as a credit institution by the Prudential Regulation Authority
IN BREIF:
- LHV Bank is the first institution to receive a licence without restrictions from the PRA in 2023, just over a year after submitting its application
- The bank will transition from a branch of Estonian AS LHV Pank to a fully authorised and regulated UK bank
- LHV Bank operates in two business lines – Banking Services and SME Lending, with plans to accept retail deposits and expand offerings for e-commerce businesses
What does this mean?
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.”
