Today, on 4 February 2021, a subsidiary of AS LHV Group, private limited company LHV UK Limited was registered at Companies House in the United Kingdom.
After establishment, the company will start applying for a banking (credit institution) licence in the United Kingdom. Subject to the company obtaining the required regulatory approvals, the plan is to form a standalone bank located in the United Kingdom, with the aim of creating clearer distinction between the business activities of AS LHV Group in Estonia and the United Kingdom. So far, AS LHV Pank has operated in the United Kingdom via a branch entity.
The total share capital of LHV UK Limited is GBP 2,500,000, which is divided into 2,500,000 shares with a nominal value of GBP 1. All shares belong to AS LHV Group. The new company is a subsidiary of AS LHV Group, and belongs to the LHV consolidation group.
In 2021, LHV UK Limited will prepare the required documentation for licensing the bank's activities and submit them to the supervisory authorities. From establishing the company to obtaining the authorisation, LHV UK Limited will bear the costs and generate a loss. AS LHV Group will publish the financial forecast for the subsidiary after receiving the authorisation.
LHV UK Limited has one board of directors. Initially, Madis Toomsalu (Chairman), Erki Kilu, and Andres Kitter belong to the board of directors of the company. The Chief Executive Officer of the company is Erki Kilu.
LHV announced its intention to establish a bank at the United Kingdom with a stock exchange announcement on 23 October 2020. Establishing the bank is a subject to regulative approval.All news