Estonia’s LHV Bank is to open a branch in London, the UK, after the Financial Conduct Authority granted it an operating licence.
LHV will open the branch to develop its business line. The UK branch will allow it to join the pound payments system and provide financial intermediaries with a real-time payment service in both euros and pounds, the company said in a statement.
The bank is already a member of the euro payments system and is also participating in the instant payments system working group.
LHV intends to open the necessary accounts at the Bank of England and join the pound payments system at the earliest opportunity, it said. The company plans to start servicing financial intermediaries by the end of 2018.
The bank is aiming to open the UK branch on 19 March.
LHV is Estonia’s largest domestic financial group and capital provider, employing about 350 people and serving over 131,000 customers.