Morrow Bank ASA

Regulatory Filings • Apr 1, 2025

Morrow Bank ASA: Swedish banking license granted

Morrow Bank ASA: Swedish banking license granted

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:

• The license must be activated within 12 months

• 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.