Financial technology company PayRay Bank is optimizing its operations due to reduced business volumes - reducing the number of employees by more than a third.
The company announced on Thursday that it intends to lay off 29 of its 69 employees, and it has informed the Employment Service about this.
"In response to the decreased business volumes, PayRay Bank has reduced the number of personnel and is focusing its activities on business financing services that create the greatest added value for the bank," the company's statement reads.
PayRay Bank CEO Renato La Fianza said that such a step is difficult but necessary.
As BNS reported in early April, the construction, repair and household goods trading group Kesko Old people Lithuania's President Artūras Rakauskas' company ERA Family Finance, which intended to acquire PayRay Bank, has terminated the purchase process.
The bank is controlled by the Luxembourg holding company 2404 SA, and its ultimate beneficiaries are Italian citizens Luigis Grandis and Gabriele Balducci, who each own 48,5 percent of the shares.
PayRay Bank provides loan, factoring and leasing services to small and medium-sized businesses in Lithuania.
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