March 17 (SeeNews) - Bulgaria's TBI Bank said that it has entered the Lithuanian market as part of its strategy to expand its presence in the Baltic and Nordic countries, as well as in Central Europe.
"Stepping in Lithuania is a strategic move which will furthermore strengthen our digital footprint in Europe," Petr Baron, CEO of TBI Bank, said in a statement published on Tuesday.
The move will also enable TBI Bank to diversify its portfolio in terms of credit risk and risk of concentration, the lender noted. TBI Bank will offer online consumer loans without opening a physical branch.
The bank's entry will be supported by the strong presence of its parent 4finance in the region.
TBI Bank specialises in consumer finance and lending to small and medium-sized enterprises, offering services both through physical branches and through a host of digital channels. TBI Bank was Bulgaria's third smallest lender by assets at the end of January, according to the latest central bank data.
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