Šiaulių bankas is launching a deposit service for German customers

2019-04-15

In cooperation with the virtual financial services platform Raisin, Šiaulių bankas is starting to offer a term deposit service to German residents.

On the German market, Šiaulių bankas offers irrevocable term deposits in euros. The term of the deposit agreement is 1 to 5 years. The maximum deposit amount is 100 thousand euros, the same amount applies to deposit insurance.

“We are starting to work with Raisin in order to achieve our goal of diversifying our funding sources. Germany has been chosen for its large potential customer base. In addition, the residents of this largest euro area country are willing to use the deposit service and online deposit platforms are popular”, said Tomas Varenbergas, Director of Markets and Treasury Department of Šiaulių bankas.

Currently, more than 70 commercial banks offer their deposit services on the Raisin platform. All depositors are subject to European deposit insurance. Raisin has successfully mediated and attracted over 10 billion euros of fixed-term deposits, the platform is used by more than 165 thousand customers in more than 30 countries.

Authorization for deposit service to Šiaulių bankas was granted this year by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin). At the beginning of 2019, the term deposit portfolio of Šiaulių bankas reached 900 million euros.