Revolut Bank, a financial services group of the United Kingdom, intends to start providing housing loans in Lithuania from next year, "Verslo žinios" announced on Wednesday.
The institution, which has a banking license in Lithuania, but operates throughout Europe, will start testing the service in the near future, and later it will start providing housing loans in other European markets.
Joe Heneghan, head of Revolut Bank, told "Verslo žinias" that the Lithuanian housing loan market is attractive for development, as there is no significant competition and higher interest rates prevail than in Europe. According to him, Revolut will aim to provide housing credit at lower margins than other banks.
"Our intentions are to be competitive in terms of price," Mr. Heneghan told the portal.
According to him, the amendments to the law adopted by the Seimas last week, which simplified the refinancing of housing loans, are favorable to the bank. The manager of "Revolut Bank" explained that there is really no housing refinancing market in Lithuania, and due to legal changes, it is becoming more attractive to new market participants.
Adopted amendments to the Law on credit related to real estate provide that people who want to refinance their loans need only contact a new bank, which will carry out most of the refinancing procedures.
Revolut Bank, registered in Lithuania, operates in 30 European Economic Area (EEA) markets, the company is licensed and regulated by the European Central Bank and the Bank of Lithuania.
