One of the world’s best-known financial groups, Lloyds Banking Group, is set to acquire Lithuania-registered electronic money institution Curve Europe, the central bank said Wednesday.
The Bank of Lithuania said it has approved the transaction, under which the British group will indirectly take over Curve Europe.
“This is another strong example of global companies seeking to acquire fintech institutions licensed in Lithuania,” central bank governor Gediminas Šimkus said in a statement. “It shows that Lithuania offers favourable conditions for fintech firms to establish and grow, and that their maturity and results are attracting investor attention and creating new expansion opportunities.”
Founded more than 250 years ago, Lloyds Banking Group provides banking, insurance and investment services and operates in multiple countries with a workforce of more than 60,000 employees.
Curve Europe was granted an electronic money institution license by the Bank of Lithuania in 2020. It is owned by UK-based Curve OS Limited.
In November last year, the Bank of Lithuania fined Curve Europe 22,500 euros for failing to submit financial statements on time. The regulator said the company acknowledged the violations and addressed them, leading to an administrative settlement, but still imposed the penalty due to significant delays and other circumstances.
Earlier this year, the Bank of Lithuania also approved the acquisition of electronic money institution Blue EMI LT by UK financial services firm Checkout Payments Group.
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