Revolut Splits Into Two – What Awaits Hungarian Account Holders Has Been Revealed
7 Articles
7 Articles
With the approval of the European Central Bank, Revolut is officially reorganizing its European operations, creating a separate French and Lithuanian headquarters. In the process, which will start next month, Western European users will gradually be transferred to the Paris-based entity, while Central and Eastern European customers, including Hungarians, will continue to be served by the Lithuanian bank, Revb reported.
The Lithuanian branch of the bank will focus on the Central and Eastern European market, while the French one will focus on Western European markets.
The European Central Bank (ECB) has allowed Revolut Bank, a UK financial services group that is establishing a second headquarters in Europe, to restructure part of its operations in Lithuania by transferring part of its operations to France's Revolut Bank, which received a license in August.
The ECB has approved Revolut's European restructuring, while Dott is withdrawing from Hungary. The changes will also affect Hungarian Revolut customers.
Western European customers will be transferred from the Lithuanian headquarters to a new one in France. The reorganization will initially affect 7 million customers, and then an additional 23 million.
The European Central Bank has also approved the move, which will see Revolut split into two parts in the EEA. The restructuring will see 30 million customers from the Lithuanian bank transferred to a new French bank. Revolut will strengthen its future European growth through a dual-hub operating model: the Lithuanian branch will focus on the Central and Eastern European market, while the French one will focus on the Western European market.
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