Applying for Swedish banking license
Morrow Bank's has in recent years predominantly grown outside Norway, with Finland and Sweden now accounting for more than 80% of the loan book.
While Finland accounts for the largest share of the loan book, Sweden represents the leading cluster for consumer banking in the Nordic region.Following an assessment of potential redomiciliation options and legal preparations, the Bank today submitted its application for a Swedish banking license to the Swedish Financial Supervisory Authority (SFSA).
"The rationale behind initiating the process of moving to Sweden is to safeguard Morrow Bank's long-term competitiveness," commented CEO Øyvind Oanes.
In addition to improving access to talent and competent capital, a redomiciliation to Sweden should enable a level playing field and allow the Bank to compete on similar terms as its Swedish peers. With conditions similar to Swedish peers, management estimates that the return on target equity could increase to 20% in the mid-term vs the updated organic target of 12-14%.
A SFSA decision is expected in Q2 2025. Given a positive outcome, the Bank will seek to start operations in Sweden and transfer the listing of its shares from Euronext Oslo Børs to Nasdaq Stockholm in 2026.
While Finland accounts for the largest share of the loan book, Sweden represents the leading cluster for consumer banking in the Nordic region.Following an assessment of potential redomiciliation options and legal preparations, the Bank today submitted its application for a Swedish banking license to the Swedish Financial Supervisory Authority (SFSA).
"The rationale behind initiating the process of moving to Sweden is to safeguard Morrow Bank's long-term competitiveness," commented CEO Øyvind Oanes.
In addition to improving access to talent and competent capital, a redomiciliation to Sweden should enable a level playing field and allow the Bank to compete on similar terms as its Swedish peers. With conditions similar to Swedish peers, management estimates that the return on target equity could increase to 20% in the mid-term vs the updated organic target of 12-14%.
A SFSA decision is expected in Q2 2025. Given a positive outcome, the Bank will seek to start operations in Sweden and transfer the listing of its shares from Euronext Oslo Børs to Nasdaq Stockholm in 2026.