The press service of the regulator reported this.
In light of the official announcement from Revolut regarding its entry into the Ukrainian banking market and following an analysis of its operations in providing services to residents of Ukraine through Revolut Bank UAB, the National Bank of Ukraine states the following.
Revolut Bank UAB is a foreign bank registered in Lithuania, offering financial services based on a license that permits it to operate in European Union countries.
According to the Law of Ukraine "On Banks and Banking Activities," the only permissible forms of conducting banking operations within Ukraine are the establishment of a branch of a foreign bank or obtaining a banking license in Ukraine. Either of these forms requires permission from the National Bank of Ukraine. When reviewing an application for opening a branch or obtaining a license, the NBU conducts a comprehensive assessment of the founder's business reputation, financial condition, and proposed business model.
The issue of allowing a foreign player to commence operations in the Ukrainian banking market is also subject to consultations with the banking supervision authority of the country of origin of such an entity.