Restatement following the expanded segment reporting from 2020
As previously communicated in connection to the presentation of the year-end report for 2019, TF Banks segment reporting will be expanded from the first quarter 2020. Ecommerce Solutions is divided into two business segments, Ecommerce Solutions and Credit Cards. Following these changes TF Bank today discloses restated segment information for 2019.
In the Ecommerce Solutions segment, TF Bank offers digital payment solutions to both online and brick and mortar retailers. Customers are mainly the end-consumers who use the bank’s payment solutions when they shop. During 2019, several new agreements have been signed and a number of large Nordic retailers have chosen to extend their existing agreements.
In the Credit Cards segment, TF Bank offers credit cards to creditworthy individuals. Credit Cards are offered in Norway and Germany. The offering in Norway has been part of the Group since 2015, while credit cards in Germany were launched late 2018. At the end of 2019, more than 13,000 German credit cards had been issued.
For further information, please contact:
Mikael Meomuttel, CFO and Head of Investor Relations +46 (0)70 626 95 33
TF Bank in brief
TF Bank was founded 1987 and is an internet-based niche bank offering consumer banking services and e-commerce solutions through a proprietary IT platform with a high degree of automation. Deposit and lending activities are conducted in Sweden, Finland, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, Germany and Austria through branch or cross-border banking. From 2020 the operations are divided into three segments: Consumer Lending, Ecommerce Solutions and Credit Cards. TF Bank is listed at Nasdaq Stockholm.