TF Bank in compliance with banking license in Norway through its subsidiary BB Finans
TF Bank AB (publ), “TF Bank” (Nasdaq Nordic Exchange: TFBANK) has been declared compliant for a banking license from the Financial Supervisory Authority of Norway “Finanstilsynet”. TF Bank and BB Finans AS, “BB Finans” will now evaluate the terms and conditions of the offered banking license, which is eligible to be initiated for a period of 12 months.
BB Finans has been a fully owned subsidiary of TF Bank since 2015. The Norwegian banking license implies that TF Bank can continue to diversify its financing in Norway by offering guaranteed deposits for consumers in Norwegian kroner as a complement to its current deposits in Swedish kroner and Euro.
Espen Johannesen, CEO at BB Finans, comments:” We are both proud and thrilled to be offered a banking license and we see it as a confirmation of the high quality in our business operations and an enabler for further expansion.”
Declan Mac Guiness President & CEO of TF Bank adds: ”The decision that our Norwegian subsidiary is compliant with the conditions of a banking license is a mark of quality for the Norwegian company. Based on the decision, banking operations may be initiated by the subsidiary within a period of 12 months. A decision regarding if and in such case when banking operations will be initiated will be made taking into consideration the Group's and the subsidiary’s financing- and capital needs. We will within the next few months thoroughly evaluate how best to use an eventual Norwegian banking license to the benefit of TF Bank's shareholders and customers.”
For further information please contact:
Sture Stölen, Investor Relations, +46 723 68 65 07, ir@tfbank.se
The information provided in this press release/report is such that TF Bank AB (publ) is required to disclose pursuant to the Swedish Financial Instruments Trading Act (1991:980), the Swedish Securities Markets Act (2007:528) and/or Regulation (EU) No 596/2014 on market abuse. The information was provided on December 28 at 0900 CET.
About TF Bank
TF Bank is an online-based niche bank offering consumer banking services through a highly automated, in house developed, IT platform. The Company’s IT platform is designed for scalability and adaptability to different products, jurisdictions, currencies and digital banking solutions. TF Bank conducts banking operations with deposits and lending to retail customers in Sweden and Finland, lending to retail customers in Norway, Poland, Denmark, Estonia and Latvia.
As at 30 September, 2016, TF Bank had an outstanding loan portfolio of SEK 2 357 million. TF Bank has grown its total operating income from SEK 272 million in 2012 to SEK 388 million in 2015, corresponding to a compounded annual growth rate of 13 percent.