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SORAINEN Lithuania advised major Lithuanian telecommunications company Tele2 on obtaining limited electronic money institution licensing, which allows provision of payment services and issue of e-money in Lithuania. Tele2 became the first telecommunications company in Lithuania to obtain an electronic money institution licence along with the right to provide a much wider range of payment services, […]
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SORAINEN Lithuania advised the very first Lithuanian payment initiation service provider, Mistertango, on providing payment initiation services in an unregulated market. On 8 October 2015 the European Parliament voted to pass the revised Directive on Payment Services (the PSD2). However, the PSD2 has not yet been implemented in Lithuanian legislation so that some legal uncertainty […]
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SORAINEN advised major Lithuanian credit union Mano Unija on structuring the financing of business loans already issued by Mano Unija through Latvian peer-to-peer lending marketplace Mintos. Mano Unija will place on the Mintos platform its business loans secured by mortgage and borrower guarantees. Business loans will be from EUR 10,000 to EUR 100,000, with repayment […]
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Sorainen has advised Nordea, the largest financial services group in northern Europe, on the transfer of its Baltic banking business, operated by Nordea Bank Finland in Estonia, Latvia and Lithuania, to its Swedish parent company Nordea Bank. This was the first transfer of a pan-Baltic credit institution business as a going concern of such scale […]
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Sorainen Belarus and Lithuania advised International Finance Corporation (IFC) on provision of a USD 7 million (approx EUR 5.33 million) facility to OMA, a leading Belarusian home improvement goods and DIY (do-it-yourself) retailer and wholesaler jointly owned by Belarusian and European shareholders, including Kesko Group (Finland) and Senukai Group (Lithuania). Currently, OMA has branches in […]
