On the sanction imposed on Medicinos Bankas

Medicinos Bankas UAB (hereinafter, the “Bank”), registration number 112027077, registered seat address: Pamėnkalnio 40, LT-01114 Vilnius, Lithuania.

Medicinos Bankas would like to inform you that the Bank of Lithuania (BoL) has carried out a planned targeted inspection of the Bank. After reviewing the inspection material, the Board of the Bank of Lithuania stated that the Bank failed to ensure adequate internal management and control, credit risk management and information and communication technology risk management; therefore, the Board of the Bank of Lithuania issued a warning to the Bank regarding the identified violations and obliged it to submit to the Bank of Lithuania a revised plan of measures for the elimination of the identified irregularities and deficiencies and to eliminate the identified irregularities and deficiencies by 31 December 2022, and to inform the Bank of Lithuania of the same within 10 working days.

The Bank would also like to inform you that some of the deficiencies identified by the BoL have been eliminated prior to the discussion of the results of the examination by the Board of the BoL, while other deficiencies will be eliminated within the timeframe set by the Board of the BoL.

For more information, please contact: Aleksejus Tonkich, Member of the Board, Director of Financial Service, Deputy Head of Administration, tel. +370 698 34055, email aleksejus.tonkich@medbank.lt