After 3 months of active processing time and multitude of Q&A rounds and even a face-to-face meeting, May 27, 2024, the Estonian Financial Supervision Authority finally issued the permit, giving Bondora the right to establish a branch in Slovenia.
For the TGS Baltic team, the main challenge was in helping the client to react and provide replies and solutions to numerous unforeseen questions and requirements from the Estonian Financial Supervision Authority (including outside the specific scope of the applicable law).
This was mainly because the processes and procedures used by Bondora AS are largely automated, and the regulator wanted to ensure that these automated processes and procedures could be applied and used also in Slovenia for providing consumer credit, after introducing the necessary modifications required by Slovenian law.
Our team gained invaluable knowledge of the recent supervisory practice, including the level of detail required for the licensing process to establish a branch, that can be put to use going forward.
