Lea Bank ASA has successfully changed its legal domicile from Norway to Sweden. Lea Bank has achieved this milestone through a comprehensive project that included applying for a Swedish banking license, executing a cross-border upstream merger, and transferring its trading venue from Euronext Growth in Oslo to Nasdaq First North in Sweden. Following the completion of the merger, shares in Lea Bank AB will begin trading on 9 January 2025, and the bank will operate from its new headquarters in Gothenburg.
Since 2023, Hammarskiöld has worked closely with Lea Bank ASA to facilitate this transformation, beginning with the application for a Swedish banking license through a newly established Swedish subsidiary. The license application was submitted in January 2024, and, after an expedited review, the application was approved in June 2024. This marked a pivotal transition to the project’s next phase, involving the completion of a cross-border upstream merger and the listing of Lea Bank AB shares on Nasdaq First North.
Commenting on the transaction, Mattias Anjou said:
“This is a truly groundbreaking deal that explores uncharted legal territory. We are deeply grateful for the trust placed in us by Lea Bank’s board and management as we worked together to accomplish this unprecedented feat of relocating the bank to Sweden. This transaction highlights Hammarskiöld’s strong capabilities as a strategic and expert advisor in financial regulatory, corporate law, and capital markets law. I am immensely proud of the extraordinary efforts made by the entire team at both Lea Bank and Hammarskiöld.”
Oddbjørn Berentsen, CEO of Lea Bank AB, added:
“The activation of the Swedish banking license and subsequent listing on Nasdaq Stockholm marks a historic milestone for Lea Bank. Successfully completing this complex cross-border project has been a key strategic priority, enabling Lea Bank to operate under a harmonized EU regulatory framework and positioning us for future growth. We are incredibly grateful for the outstanding collaboration, professionalism, and expertise provided by Hammarskiöld throughout this process.”
Hammarskiöld’s team for this project was led by responsible partners:
Mattias Anjou (Partner)
Carl-Johan Pousette (Partner)
Supported by associates:
Emma Lindwall (Senior Associate)
Johan Löfquist (Senior Associate)
Aksel Ahlqvist (Senior Associate)
Kelin Taylor Lundgren (Associate)
Jakob Nilsson (Associate)
