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Swedish online lender wins approval for Norwegian banking license

Stockholm-based online lender TF Bank said it has been declared compliant for a Norwegian banking license through unit BB Finans AS by Norway's financial regulator.

TF Bank and BB Finans will now evaluate the terms and conditions of the license, which has a 12-month period in which it can be initiated. TF Bank said the license would allow it to diversify its financing in Norway by offering guaranteed deposits to consumers in Norwegian kroner, adding to its existing offerings in Swedish kronor and euros.

"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," said TF Bank President and CEO Declan Mac Guinness. "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."

TF Bank carries out borrowing and lending operations for private individuals in Sweden and Finland, as well as offers lending to private individuals in Poland and Norway and cross-border lending activities in Denmark, Estonia and Latvia.