Warnings on the launch of the new Revolut bank in Portugal

The banking supervisor reacted to news of Revolut Bank’s launch in Portugal this week and stressed that it was not covered by the Portuguese Deposit Guarantee Fund.

The Bank of Portugal (BdP) clarified that the deposit guarantee of the Revolut bank, launched in Portugal, is associated with the Lithuanian protection mechanism, where it is headquartered, and not with the Portuguese Deposit Guarantee Fund.

“Deposits taken in Portugal by Revolut Bank UAB are made with the parent company, in Lithuania, and are not guaranteed by the Portuguese Deposit Guarantee Fund, but are subject to the deposit protection regime in force in Lithuania”, one reads in a clarification published by the OTP.

On December 9, fintech Revolut launched its bank in Portugal, Italy and France, having launched as a bank in Lithuania, a member state of the European Union, in 2020, and since then it already has a banking license for 18 European countries. having no physical meters, but only a digital presence.

In response to Lusa’s questions, in writing, Revolut CEO Joe Heneghan said that the company has 500,000 customers in Portugal and that, as of Thursday, those who decide to transfer their money to Revolut Bank “are starting to do so. protect their deposits by the deposit guarantee fund ”.

However, the BoP specifies that this mechanism is associated with Lithuania, given that “Revolut Bank UAB is a credit institution with its registered office and authorized in Lithuania”.

Despite this, Revolut Bank UAB is “qualified, under the terms of the law, to operate in Portugal under the regime of the freedom to provide services”. “In particular, under the aforementioned regime, Revolut Bank UAB is authorized to accept deposits or other repayable funds on the national territory”, specifies the BoP.

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