Revolut could eventually move about 30 million customers to its French bank, starting with roughly 7 million French users in December. The planned migration would make France a second European banking hub, with customers in five more countries set to follow.
The company announced its dual-hub operating model in May. Under that structure, its Lithuanian bank will focus on Central and Eastern Europe, while the French bank will serve Western European markets. The French operation obtained its banking licence in the summer.
Regulatory records now reflect the reorganisation. According to fintech publication revb, “the European Central Bank’s (ECB) approval of the reorganisation of Revolut Bank UAB now also appears in the Bank of Lithuania’s records.”
In December, certain assets and liabilities will transfer from Lithuania-based Revolut Bank UAB to the French Revolut Bank, alongside the approximately 7 million French customers moving to the Paris-based institution. The French operation will subsequently serve customers in Germany, Ireland, Italy, Portugal and Spain. Revolut Bank UAB will remain responsible for customers in the other European Economic Area countries.
The Lithuanian bank currently serves around 55 million customers, with the report putting the figure at more than 55 million. Including the initial French migration, roughly 30 million customers could ultimately move to Revolut Bank S.A. in France, potentially making it larger than the original Lithuanian institution. The plan extends beyond French accounts to six national markets, with France moving first.
For Hungarian customers, the restructuring does not materially change their position, according to the report. Revolut moved its existing Hungarian customers from the British Revolut Ltd to Lithuania’s Revolut Bank UAB in early 2022. They will remain with the Lithuanian bank under the planned split.
