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# Morrow Bank to Buy MedMera in Nordic Growth Push
- URL: https://www.theglobalbanker.com/morrow-bank-buys-medmera-in-nordic-growth-push/
- Published: 2026-03-27T15:31:04.000Z
- Updated: 2026-10-01T23:24:42.000Z
- Description: Morrow Bank has struck a deal to acquire MedMera Bank, its fourth purchase in under two years, bolstering its consumer finance footprint across the Nordics. The bank expects earnings per share to more than double by 2028 from 2025.
- Author: TGB Editorial Team
- Tags: M&A, Europe

Morrow Bank, the Stockholm-listed consumer finance specialist, has agreed to acquire MedMera Bank, a deal it says will make it a leading Nordic consumer finance platform. The deal, announced on March 24, 2026, is for 100% of MedMera Bank's shares, bought from Kooperativa Förbundet for a total consideration at closing of SEK 1.96 billion.

Morrow said the transaction increases its scale and has a strong strategic fit with its Nordic consumer loan operations, with similar products and customer profile. MedMera, a digital bank offering savings and lending since 2007, has around 135,000 customers across Sweden, and the deal establishes a long-term partnership with Coop, which has more than 4 million members. Morrow called it its fourth acquisition in less than two years, 'demonstrating a repeatable and disciplined consolidation strategy'. Completion is expected in early Q3 2026.

#### DEAL TERMS Morrow said the price represents about 1.06 times book value at closing and about 11 times 2025 earnings, excluding synergies. The deal lifts combined gross loans to SEK 28.2 billion based on 2025 figures and is funded through excess capital, 32.8 million new shares issued to Kooperativa Förbundet, a planned SEK \~600 million equity issue and SEK \~500 million of AT1 and T2 bonds.

Morrow redomiciled to Sweden and transferred its listing to Nasdaq Stockholm in the first quarter of 2026\. MedMera is its fourth acquisition in less than two years and its largest to date. Morrow Bank offers digital and flexible financing solutions to creditworthy individuals in Norway, Sweden and Finland, including consumer loans, credit cards and high-yield deposit accounts. Morrow had gross loans of SEK 16.9 billion at end-2025.

#### STRATEGY

Morrow said the combined platform puts it on track for a return on target equity above 20% over the medium term, and it now expects a medium-term cost/income ratio of about 20%, against about 22% previously.

#### STRATEGIC AND FINANCIAL IMPACT

Based on 2025 figures, combined profit before tax was about SEK 559 million, against SEK 337 million for Morrow alone, and the combined weighted average gross credit loss rate was 3.2%, against 4.0% for Morrow alone.

Morrow expects its total capital ratio to be about 17% by end-2026, against 19.5% at end-2025, keeping headroom to regulatory requirements. Chief executive Øyvind Oanes said the bank favours 'reinvestment over dividends'.

Completion is subject to shareholder approval at the 28 April 2026 annual general meeting, customary regulatory approvals and completion of the equity issue.

Kistefos, Morrow's largest shareholder, and other shareholders holding about 27.4% of the shares have committed to support the equity issue. Nordea is financial adviser and sole global coordinator to Morrow.