Permission to establish a new credit union issued

The Board of the Bank of Lithuania issued permission to establish a credit union “Šeimos kredito unija”. According to the business outline submitted to the Bank of Lithuania, the new credit union plans to start its operations with the share capital of LTL 106 thousand. It is planned to establish the main office of “Šeimos kredito unija” in Vilnius.

The credit union intends to unite only natural persons in the beginning of its activity, whereas it is planned to accept legal entities as associated members after several years.

The union’s management intends to focus the credit union’s operations on young families and individuals upholding family values.

Currently, 75 credit unions are operating in Lithuania.

Licence of an insurance brokerage company withdrawn

Under the request of the insurance brokerage enterprise UADBB “Eksporto kreditų draudimo brokeris” submitted to the Bank of Lithuania, the Board of the Bank of Lithuania decided to withdraw the licence of an insurance brokerage enterprise issued to the company by the resolution of the Insurance Supervisory Commission of the Republic of Lithuania of 14 December 2004.

UADBB “Eksporto kreditų draudimo brokeris” does not have any obligations to insurance enterprises or policyholders.

The Republic of Lithuania Law on Insurance provides that the phrase “insurance broker” may not be used by any legal entities, except insurance brokerage companies, therefore, UADBB “Eksporto kreditų draudimo brokeris” shareholders made a decision on 5 June 2012 to change the name of the company to UAB “Konstenerga” ir submitted the draft articles of association of the company after the change of the name and type of activity to the Bank of Lithuania.