TF Bank, a Swedish company providing consumer loans, has established a branch in Lithuania. It launched operations on Tuesday.
TF Bank is the 19th bank or branch of a foreign bank to operate in Lithuania, having previously provided services in the country without an established branch, the Bank of Lithuania said on Thursday.
“TF Bank’s decision to set up a branch shows that Lithuania is a profitable market where banks can successfully operate and expand,” Lukas Jakubonis, head of the Centre for Financial Market Development at the Bank of Lithuania, said in a statement.
According to the Centre of Registers, headquartered in Borsas, the Swedish bank registered a branch in Lithuania on September 12 and is led by Dalia Kubiliutė. It has 23 employees, according to Lithuania’s social insurance fund SoDra.
The bank’s website states that TF Bank is an online loan bank providing banking and e-commerce solutions to consumers. In Lithuania, the bank provides consumer and refinancing services.
Besides Sweden and Lithuania, TF Bank also operates in Finland, Norway, Denmark, Estonia, Latvia, Poland, Germany, Austria, Spain, Ireland and the Netherlands through subsidiaries, branches or cross-border banking under a Swedish banking license.
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