The Croatian National Bank has clarified that Multitude Bank plc, formerly Ferratum Bank plc, operates in Croatia under Maltese authorisation and supervision. Responding to citizens’ inquiries, the central bank explained that it neither authorises nor exercises prudential supervision over the institution. It cannot provide its customers with the same level of consumer protection monitoring as customers of domestic credit institutions it authorises and supervises.
Multitude Bank continues to serve Croatian consumers under the Ferratum name and remains the same legal entity despite its name change. Its Maltese authorisation allows it to provide banking services directly in other European Union member states, including Croatia, with supervision resting with the competent Maltese authorities. Consumers considering services from banks operating under this framework, including online, are advised to understand the European financial services market framework and carefully review product information and documentation before contracting. Expert advice may help them understand the rights and obligations they would assume.