Overview of Banks in Norway

Norway (officially the Kingdom of Norway) is a prosperous and democratic country in Northern Europe, located mainly at the western portion of the Scandinavian Peninsula. Norway has a very high standard of living, a low level of corruption, and a high education and health care level. Norway has achieved these highest standards of living in the world partially by having a large number of natural resources compared to the size of its population.

Norway has a mixed economy with free-market activity and large state ownership in certain key sectors (for example, the petroleum sector, hydroelectric energy production, aluminum production, telecommunications, and banking).

The financial marketThe Financial MarketThe term “financial market” refers to the marketplace where activities such as the creation and trading of various financial assets such as bonds, stocks, commodities, currencies, and derivatives take place. It provides a platform for sellers and buyers to interact and trade at a price determined by market forces.read more has been progressing swiftly and is ranked very high by the World Economic Forum.

Structure of Banks in Norway

The banking structure of Norway is classified into the following three types:

  • Commercial BanksCommercial BanksA commercial bank refers to a financial institution that provides various financial solutions to the individual customers or small business clients. It facilitates bank deposits, locker service, loans, checking accounts, and different financial products like savings accounts, bank overdrafts, and certificates of deposits.read more (Business Banks)Savings BanksBranches of foreign banks

These banks in Norway have the oversight of the Financial Supervisory Authority of Norway.

Top 10 Banks in Norway

The top banks in Norway can be described below:

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#1. Bank Norwegian AS

In Norway, this top bank is an established institution providing loans, savings accounts, and credit card facilities to customers. It was founded in 2007 with its headquarters in Fornebu, Norway, and it is a Wholly owned subsidiaryA Wholly Owned SubsidiaryWhen a company’s almost all of the outstanding shares are owned by another company (parent) then it can be said that it is a wholly-owned subsidiary of that company and it is controlled by the parent company. For example, Walt Disney Entertainment owns 100% of Marvel Entertainment which produces movies.read more of Norwegian Finans Holding ASA.

It is an online market for the private sectorPrivate SectorThe private sector is a section of the national economy that the government does not own. The business conducted under this sector is carried out by companies or entrepreneurs who focus on profit maximization and customer satisfaction.read more and offers sophisticated financial services with innovative technology. The Net income for the group for 2015 was NOK 539 million [1 US$ = 8.1 NOK].

#2. DNB Bank

It is the largest financial services group, with the two largest owners being the Norwegian Ministry of Trade and Industry and Sparebankstiftelsen DnB NOR. They offer services to the Corporate, Retail, Securities market, and Public sector.

The group’s activities are primarily focussed in Norway but are also one of the world’s The group’s activities are primarily focused on Norway but are also one of the world’s advanced Shipping banks and an established player in the Energy, Fisheries, and Seafood industry. The Net Profit for 2020 is NOK 19.85 billion with a Return on EquityReturn On EquityReturn on Equity (ROE) represents financial performance of a company. It is calculated as the net income divided by the shareholders equity. ROE signifies the efficiency in which the company is using assets to make profit.read more of 11.2% for 2020.

#3. Handelsbanken

This top bank in Norway is a Swedish bank offering universal bankingUniversal BankingUniversal banking, in contrast to traditional banking institutions, offers a wider range of banking and financial services, including insurance, development banking, investment banking, commercial banking, and other financial services.read more services, with the branch in Oslo, Norway being one of the leading banks for Personal and business customers. It is the fourth largest bank in Norway, established in 1986 with over 800 employees and offering services such as:

  • SavingsLoansCredit and Debit CardsInsurance ServicesAsset ManagementAsset ManagementAsset management is a method of managing funds and investing in both traditional and specialized products in order to generate returns consistent with the investor’s risk tolerance. read moreStock BrokerageCorporate FinanceOnline Banking

#4. Storebrand Bank ASA

It is a top commercial bank in Norway and a subsidiary of Storebrand ASA (leading provider of Insurance and pension products provider in Norway & Sweden). They provide a broad range of retail banking products and services to Individuals and Corporate customers and are the 18th largest bank in Norway. The Net Profit for 2020 was NOK 2.53 billion with a market share of 0.91%

The bank was founded in 2006 with its headquarters in Lysaker, Norway. The commercial bank provides a broad range of retail banking products and services to various customers. It is a public company listed on the Oslo stock exchange.

#5. Sparebank 1 SMN

The bank is the third top bank in Norway concerning assets offering banking and financial products and services to individuals and corporate customers. The Net Profit for 2020 was NOK 1.85 billion. The bank employs over 1,500 employees across 55 locations and 45 municipalities, with its headquarters in Trondheim. It is one of the six owners of the SpareBank 1 Alliance.

The bank also addresses:

  • Private & Public sectorAgricultural sectorSME

#6. BN Bank ASA

It is a top bank in Norway based in Trondheim with a branch in Oslo, formerly known as Bolig- og Næringsbanken. It is owned by Sparebank 1 alliance with 1,100 customers and the 15th largest bank in Norway in terms of assets (NOK 36.80 billion). The bank does not offer advanced investment products but provides:

  • Mortgage servicesPrivate FinancingRetail BankingRetail BankingRetail banking or personal banking refers to the financial services offered by the financial institutions exclusively to the individual clients. The consumer banking provides personal loan, savings account, debit cards, credit cards, locker, etc.read more (Competitive rates on Savings products)Corporate Market (Niche expertise in Real estate lending)Online banking services for regular payment activities

#7. Santander Consumer Bank AS

The bank is a subsidiary of Santander Consumer Finance SA and offers:

  • Savings productsCar and other leisure loansCredit Card facilityConsumer loansConsumer LoansA consumer loan is a type of credit given to a consumer to finance specified set of expenditures. The borrower must pledge a specific asset as collateral for the loan, or it may be unsecured depending on the loan’s monetary value.read moreLeasing & Consignment

It is one of the top banks in Norway and recorded a Net Profit of NOK 2.13 billion for Q2 2020. Their strategic initiatives will continue to make further investments in the innovation and launching of new products.

#8. Skandiabanken

Established in 2000, the Norway bank is headquartered in Bergen and is the largest internet-based bank in Scandanavia. It specialises in offering banking products to retail customers and other products such as:

  • DepositsLoans (Home, Car, Personal)Custody AccountCustody AccountCustodial Account is a savings account at a financial institutions like banks, mutual funds, insurance companies, non-banking financial institutions, stockbrokers, etc., that is maintained mainly for the benefit of beneficiaries while it is continuously administered by a person termed as responsible person or custodian or the legally recognized guardian.read more LoansPayment Services such as Invoice payments, International paymentsCard related transactions

As of Q1’17, the market capitalizationMarket CapitalizationMarket capitalization is the market value of a company’s outstanding shares. It is computed as the product of the total number of outstanding shares and the price of each share.read more was NOK 7.6 billion with a customer base of 400,000, NOK 71.2 billion in assets, and NOK 63.5 billion of loans and regarded as highly reputed for customer satisfaction.

#9. Sparebanken Møre

It is a Norwegian savings bank with its headquarters in Alesund, Norway, and in 1985, several savings banks in Romsdal merged. The bank specializes in basic banking facilities such as:

  • Savings bank account facilityCard transactionLoan facilityInsurancePayment protectionPhone BankingMerchant services

For Q3’17, the organization reported NII of NOK 281 million with an after-tax profit of NOK 139 million. This bank in Norway is relatively small but ensures that banking expectations are met regularly.

#10. yA Bank

This top bank in Norway offers basic financial and banking services to personal customers. It was established in 2006 with its headquarters in Oslo, Norway has a customer base of 100,000 customers. The bank is wholly owned by Swedish Resurs Bank AB, which acquired the bank in 2015.

Apart from the regular banking services of loans in deposits, they also guide in:

  • Motorbike LoansCaravan LoansBoat LoansBoat LoansBoat Loan is a type of vehicle loan where the buyer can initially make down payment & then pay the rest of the money through Loan. Its Calculator lets the buyers know how much installment amount do they have to pay exactly. read more

These are in line with promoting the fisheries industry, which is a high income generating for Norway.

As of March 2017, it had total assets of NOK 6.037 billion, Net Loans of NOK 4.953 billion, and Deposits of NOK 4.953 billion.

We hope you liked this guide to top banks in Norway. If you are looking forward to making a career in Banking, then you can check out some of the awesome resources –

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