The Estonian Financial Supervision and Resolution Authority
('Finantsinspektsioon') granted AS LHV Pank approval to establish a branch in
the United Kingdom of Great Britain and Northern Ireland as a third country if
the UK leaves the European Union and thus becomes a third country. LHV Bank
needed this permission because the previous permit only allowed it to operate in
the European Union. For its part, the United Kingdom has given EU financial
institutions a transitional period until the end of 2020. LHV Bank is also
applying to the UK Financial Supervisory Authority to continue with its branch
operations as a financial institution from a third country.
"Our preparations for Brexit are going according to our expectations and now we
have until the end of next year to complete the next steps needed to enable
LHV's branch in London to do business as planned. We are working hard and we
feel optimistic that our request to the financial supervisor in the UK will soon
get a desired response," said Andres Kitter, Head of LHV UK branch. "The
Estonian regulator graciously acted swiftly, considering that there are many
loose ends regarding the UK leaving the European Union, and our request had to
be answered conditionally," Kitter added.
LHV Group is the largest domestic financial group and capital provider in
Estonia. LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus. LHV
employs over 390 people, and more than 161,000 customers use LHV's banking
services. Pension funds managed by LHV have more than 178,000 active clients.
Priit Rum
Communication Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee (mailto:priit.rum@lhv.ee)
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