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Report: Barclays to hand Lithuanian fintech center to Swedbank

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Report: Barclays to hand Lithuanian fintech center to Swedbank

Barclays PLC is handing over its Lithuanian financial technology center to Swedbank AB (publ) after announcing the closure of operations in the country in December 2018, Finextra reported May 17.

The Swedish bank will receive Rise Vilnius, which offers workspaces and training to about 34 digital technology companies in Lithuania.

The takeover is in line with Swedbank's strategy to invest in financial technology, according to the report.

Swedbank is also looking to establish a new unit focused on cybersecurity amid money laundering allegations, the report said.