The bank, which will provide conventional banking services, said on Wednesday that it has become a licensed MasterCard member and joined the Single Euro Payments Area (SEPA).
"We are increasing our staff; we have become a licensed MasterCard member and joined SEPA; and we are actively doing other preparatory work," Mindaugas Kyguolis, the company’s CEO and chairman, told BNS.
"We will announce a more exact date later," he added.
The bank currently has 16 employees and plans to bring in several more shorty, according to the CEO.
European Merchant Bank said it renewed its supervisory and management boards earlier this autumn.
The bank was granted a specialized bank license by the European Central Bank in December 2018 and joined the Lithuanian Banks' Association in June.
In Lithuania, the bank will initially serve corporate customers before offering services to private individuals in 2020. It will focus on small and medium-sized businesses.
European Merchant Bank is wholly owned by Ozan Ozerk, a Norwegian citizen.