Setterwalls has advised Kooperativa Förbundet in connection with the divestment of MedMera Bank to Morrow Bank

Setterwalls has advised Kooperativa Förbundet (“KF”) in connection with the divestment of MedMera Bank AB to Morrow Bank AB (publ) for a purchase price of SEK 1.96 billion. The transaction creates a leading Nordic consumer financing platform, with the ambition of accelerating profitability across the combined business.

MedMera Bank is a digital bank that has offered consumers banking services in savings and lending since 2007. The bank has approximately 135,000 customers. Morrow Bank is a Nordic niche bank listed on Nasdaq Stockholm that offers consumer credit and savings accounts in the Nordic market. Through the merger of the two banks, a stronger player is created with a broader customer base and an improved platform for growth within the Nordic consumer financing segment.

KF is an association of the country’s 24 consumer cooperatives, which own and operate more than 800 Coop stores nationwide. Through the 24 consumer associations, around four million Coop members are brought together. KF will remain one of the larger shareholders in the combined bank.

The transaction is subject to customary regulatory approvals.