Nordic consumer finance bank Morrow Bank has agreed to acquire 100% of MedMera Bank from Kooperativa Förbundet.
The deal marks the fourth acquisition completed by Morrow Bank in under two years and is intended to strengthen its position in Nordic consumer finance.
The transaction remains subject to shareholder approval at the Annual General Meeting scheduled for 28 April 2026, as well as customary regulatory clearances. Completion is expected in early Q3 2026. The total consideration at closing was of USD 207 million (SEK 1,960 million).
Scale, financials, and strategic rationale
The combined entity would hold gross loans of USD 2.9 billion (SEK 28.2 billion), compared with USD 1.7 billion (SEK 16.9 billion) for Morrow Bank on a standalone basis, based on 2025 figures.
MedMera Bank is the financial services arm associated with Coop, one of Sweden's largest retail co-operative brands, with more than four million members. Kooperativa Förbundet, the seller, is expected to become a long-term shareholder in the combined bank following the transaction, receiving newly issued Morrow Bank shares as part of the consideration.
The transaction is to be financed through a combination of excess capital, the issuance of 32,780,579 new Morrow Bank shares to the seller, a planned equity issue of approximately USD 63 million (SEK 600 million), and the issuance of additional tier one and tier two bonds totalling approximately USD 53 million (SEK 500 million).
The equity issue, if structured as a rights issue, carries subscription and guarantee commitments from Kistefos AS (up to USD 31 million/SEK 300 million), Belair AS (up to USD 5 million/SEK 50 million), AS Straen (up to USD 5 million/SEK 54.5 million), and Jotelino AS (up to USD 582.450/SEK 5.5 million). These shareholders collectively represent approximately 27.4% of shares and votes in the company, and have committed to vote in favour of the equity issue at the April 2026 Annual General Meeting.
Post-transaction, Morrow Bank's total capital ratio is estimated at approximately 17% by end-2026, down from 19.5% at end-2025, while retaining headroom above regulatory requirements.
The acquisition reflects a consolidation approach that Morrow Bank has pursued across the Nordic consumer lending market, combining a focus on pure-play consumer loan products with synergistic targets sharing similar product profiles and customer demographics.
