WIDEN Lithuania assisted RATO Credit Union in obtaining a specialized banking license

October 20, 2025

WIDEN’s banking and finance team is delighted to congratulate RATO Credit Union in obtaining a specialized banking license from the Bank of Lithuania. After the restructuring into a bank, the institution’s business model will remain largely unchanged – RATO Credit Union will continue to provide services to Lithuanian residents and businesses: accepting deposits, lending for various purposes (housing, consumption, business development), and providing payment services. However, by becoming a specialized bank, RATO Credit Union will be able to expand its customer base both in Lithuania and abroad and attract external investors.

Upon the recommendation of the Bank of Lithuania, the European Central Bank granted a specialized banking license to RATO Credit Union. Having obtained a specialized banking license, RATO Credit Union intends to lend to small and medium-sized enterprises in Lithuania, as well as to residents, provide factoring and financial leasing services, and accept deposits.

RATO Credit Union (until 2017 – Vilnius Region Credit Union) is one of the longest-operating credit unions in Lithuania. In 2017, it received permission from the Bank of Lithuania to transform the union into a specialized bank. Obtaining a banking license this year is a further step in the company’s strategic development.

Aušra Brazauskienė, Partner at WIDEN law firm, Attorney-at-Law, Head of Banking and Finance practice, worked on this project for 8 years: she provided consultations and represented the client in negotiations with the Bank of Lithuania on granting a banking license to RATO Credit Union. The team behind the project: partners Aušra Brazauskienė and Julija Šlekonytė, lawyers Simona Galiauskė, Skaidra Rimkutė, Žygimantas Grigaravičius, and Žygimantas Ainis Mazėtis.

“Obtaining a specialized banking license is a rare event in the Lithuanian financial sector in recent years. This is because it is not only a legal challenge, but also a strategic process that requires clear communication and cooperation with the Bank of Lithuania and a deep understanding of the financial sector. We are delighted that our client has successfully completed all the stages and that we have been able to contribute to the emergence of a new market participant in Lithuania,” notes Partner, Attorney-at-Law, Head of Banking and Finance practice in Lithuania Aušra Brazauskienė.

There are currently 19 participants in the banking sector in Lithuania, 7 of which are specialized banks.

We are proud to have been able to contribute to the successful granting of a specialized banking license to our client, thereby strengthening the financial services sector in Lithuania.

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