Congratulations to Šeimos Kredito Unija for joining the French-Lithuanian Chamber of Commerce!
Šeimos Kredito Unija is a democratically controlled financial institution that meets the financial needs of its members who are also co-owners of the union (one member – one vote). Credit union accepts deposits, provides loans and other financial services. It is a part of a central Lithuanian Central Credit Union that unites 52 credit unions in the country. ŠKU has assets that are worth almost 30 million Euros, while their market share is second biggest in Lithuania – 6,39%
ŠKU is helping depositors earn interest safely and at a higher rate than at the bank and saving people money by providing loans at fair prices:
- 3000 members
- Over €31 million – loans granted
- Over €31 million – deposits accepted
Mission – to provide convenient financial services at fair prices. The credit union pays special attention to families, households and small businesses.
ŠKU is represented by Mr. Taurimas Valys, co-founder and Board member, as well as international banker and business angel.
How credit union works ?
Credit unions are operating in accordance with the Law on Credit Unions of the Republic of Lithuania. According to the current laws of the Republic of Lithuania, a credit union cannot operate independently, it must be a member of one of the central credit unions or restructure into a specialized bank. 4 credit unions have started the procedures necessary to restructure into a specialized bank. Currently – 60 credit unions operating in Lithuania as well as 2 central credit unions.
The Lithuanian Central Credit Union (LCCU) is a credit institution established as a cooperative company by the credit unions and the Government of the Republic of Lithuania. LCCU operates on the basis of share capital (membership shares) and performs credit unions’ liquidity maintenance and solvency functions, accepts deposits, provides loans and assumes the associated risks and responsibilities.