Fjord Bank to launch business in Lithuania in spring

VILNIUS – Norway's Fjord Bank plans to launch its business in Lithuania in the spring after being granted a specialized bank license by the European Central Bank.

Its CEO Veiko Kandla says the bank will seek to attract clients used to doing monetary transactions online.

"Our bank will become a serious and competitive alternative to all traditional and specialized banks operating in Lithuania when residents will need funds for house repairs, a new car, furniture, household appliances or other needs," Kandla said in a statement.

Conditions for specialized banks to operate in Lithuanian were created early 2017. Such banks can provide fewer services but accept residential deposits.

Fjord Bank was established in Lithuania in the spring of 2017. It has 34 shareholders, mainly Norwegian, according to information from the Lithuanian Center of Registers.