Reference is made to the stock exchange announcement from 31 October 2024, where
Morrow Bank ASA ("the Bank" or "Morrow Bank") reported that it was applying for
a Swedish banking license through a Swedish subsidiary (to be renamed, Morrow
Bank AB) fully owned by Morrow Bank ASA.
The subsidiary has today received notice from the Swedish Financial Supervisory
Authority (SFSA) that a banking license has been granted in accordance with the
Banking and Financing Business Act of Sweden.
The banking license has been granted subject to the following key conditions:
o The license must be activated within 12 months
o A minimum equity of EUR 5 million must be paid in before banking activities
commence
Morrow Bank intends to complete a redomiciliation to Sweden through a
cross-border merger between Morrow Bank ASA and Morrow Bank AB, with Morrow Bank
AB as the surviving entity. Following the merger, the combined entity is
intended to be listed on Nasdaq Stockholm.
Morrow Bank expects to be operational in Sweden at the latest by January 2026.
The Bank will in due course convene an extraordinary general meeting in Morrow
Bank ASA to seek shareholder approval for the proposed merger. Subject to the
necessary approvals by the board of directors and the general meeting, the Bank
will seek final merger approvals from the Swedish and Norwegian Financial
Supervisory Authorities.
Contact Information:
Eirik Holtedahl, CFO
Phone: +47 96 91 22 91
Email: ir@morrowbank.com
About Morrow Bank
Morrow Bank is a Nordic niche bank offering personal loans, credit cards and
deposit accounts to consumers. The target group is creditworthy individuals with
stable personal finances and no payment remarks. Credit risk is managed largely
by automated processes for credit assessment and underwriting. The Bank has a
diversified and balanced distribution model utilizing both public and
proprietary channels. Operational efficiency and low cost are a foundation for
Morrow Bank, enabled by centralised operations, modern systems and digital
set-up. To learn more, visit ir.morrowbank.com.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation article 7 and is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock
exchange announcement was published by Henning Fagerbakke, Head of Finance,
Morrow Bank ASA, on Tuesday 1 April 2025 at 15:15 CEST.