Strong Financial Performance from European Merchant Bank
European Merchant Bank is showing strong performance despite the negative impact of the pandemic, reaching its monthly break-even point in June 2021. The Chairman of the Supervisory Board, Ekmel Cilingir, has explained the reasons for the bank’s success by stating: “European Merchant Bank’s founding vision was to provide Tier 1 banking services to underserved businesses, both locally and internationally, with a special focus on Fintechs and SMEs. For this purpose, EMBank has established an agile and experienced team that uses the latest technologies to provide the customers with a wide range of services that the existing players in the financial industry weren’t able to offer them. now it is obvious that its strategic approach was the correct one as it is being validated by the strong financial results in the second quarter of 2021.
[Ekmel Cilingir, Chairman]
By 2Q2021, EMBank has doubled its deposit volume and has seen a ten-fold increase in its outstanding loan balance, compared to 4Q2020. Quarterly net interest income and non-interest income have both increased seven-fold and four-fold respectively compared to 4Q2020. EMBank aims to keep this significant growth momentum going in the coming year by at least doubling its annual revenue.”
EMBank CEO, Sarp Demiray, said: “As a next-generation challenger bank, EMBank sees itself as an important solution partner to Fintechs and SMEs that are struggling to gain access to the financial system.
European Merchant Bank puts significant effort into providing a wide range of products ranging from accounts to loans. Being a tech-savvy bank, EMBank focuses on growing its Banking-as-a-Service offering, combined with Safeguarding, Business, Payment, Accumulative, and VIBAN account types as well as payment options through SEPA, Swift, and even Target2.
[Sarp Demiray, EMBank CEO]
EMBank is an active EUR clearer in the market and has strong and growing correspondent relationships. Continuously striving to build a better AML/CTF practice as well as improve its risk management in order to ensure that EMBank is at the forefront when it comes to regulatory awareness and compliance. Despite having a growing footprint in 20+ countries, EMBank does have a particular focus on its home country. Lithuania is quickly becoming Europe’s leading Fintech center which EMBank is proud to support and also aims to support traditional cross-border trading companies with its Trade Finance products.
Thе positive trend seen in the results after the second quarter has given EMBank even more courage to deliver more “Banking for Growth” to Fintechs and SMEs going forward.”
About European Merchant Bank:
Founded in 2018 by Dr. Ozan Ozerk and Licensed by European Central Bank, EMBank’s vision is to deliver banking for growth, drawing on the experience of the senior team of bankers, combined with the best-in-class industry practices, and the latest digital innovations. EMBank provides cutting-edge banking products and believes in long-term focused partnerships. EMBank offers direct access to banking services via Banking-as-a-Service products and open banking.
Media Contact
Company Name: European Merchant Bank
Contact Person: Berk Guven
Email: Send Email
Phone: +905324053624
Country: Lithuania
Website: https://em.bank
