TF Bank, which is a Swedish provider of consumer loans, has established a branch in Lithuania. Operations were launched on Tuesday.
TF Bank is the 19th bank or foreign bank branch to operate in Lithuania. Previously it provided its services without an established branch, the Bank of Lithuania reported on Thursday.
“TF Bank’s decision to set up a branch shows that Lithuania is a profitable market where a bank can operate and expand successfully,” said Lukas Jakubonis, director of the central bank’s Centre for Financial Market Development, in a statement.
TF Bank is classified as a bank from the EU or EEA, which means that it could previously provide its services without an established presence in the country.
The Lithuanian Centre of Registers in Borsas registered the Swedish bank’s branch on September 12 with Dalia Kubiliute as its director. The Lithuanian social insurance fund SoDra reports that the TF Bank branch in Lithuania has 23 employees.
The bank’s Website states that TF Bank is an online bank which provides banking and e-commerce solutions to consumers. In Lithuania, the bank provides consumer and refinancing services.
Source: BNS
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