Revolut's Romanian branch to become operational in December 2024
The Romanian branch of Revolut Bank UAB will officially become active in December, after several delays, the company announced. Revolut has more than 4 million customers in Romania, its second largest market and the first in the EU.
In 2022, the bank began the regulatory process to establish a local branch in Romania, being registered in the Credit Institutions Registry.
Now, the company officially announced the start of the staged rollout of its local Romanian IBANs, from the Lithuanian entity to the local branch. The process will take place throughout the last quarter of 2024.
“The operationalization of the Revolut Bank UAB branch in Romania and being able to offer Revolut local IBANs is yet another step towards our ambition of becoming the primary bank of choice for our retail customers on the market. We put great emphasis on being locally relevant in every market in which we operate,” said Gabriela Simion, General Manager of Revolut Bank UAB Romania branch.
In the last 12 months, Revolut opened local operations via branches in Ireland, France, Spain, and the Netherlands.
The Romanian branch and other key markets will roll-out local IBANs provided by Revolut by the end of the year.
“The local IBAN update will help Revolut to meet increasing financial needs of the Romanian customers, to continue the diversification of its banking products portfolio and cater in a more personalized way to the needs of the local clients,” the company said.
The Romanian branch of the Revolut Bank will start to operate effectively in December 2024, fully digital, meaning without any physical locations. From that moment on, all accounts - existing and new - will be managed locally by the Romanian branch of Revolut Bank UAB.
Customer deposits will continue to be covered up to EUR 100,000 by the Lithuanian Deposit Guarantee Fund.
(Photo source: Revolut)
