Norway has been described as a developed country with a strong economy and a progressive government that has thrived on open policies. The banking sector in Norway consists of 120 banks and this includes commercial banks, regional banks, savings banks as well as branches of banks that are considered foreign. Banks are regulated by the Financial Supervisory Authority of Norway, under a central bank which was established in 1816.
1. DNB Bank
DNB has been ranked as the biggest bank in the Nordic region in terms of assets and market capitalization. To maintain this position the bank has diversified into offering a full range of financial services including advisory services and pension products for retail and corporate customers. It has also been rated as the largest bank in terms of internet marketing serving over 1.3 customers. It was founded in 1822 and among the oldest private banks in the country. To serve its customers well and retain its numbers, it has a number of subsidiaries to be able to meet the ever-changing demands of the banking audience.
2. SpareBank 1 SR-Bank
Established in 1976, this is the largest regional bank and the second-largest Norwegian owned banking institution and poses total assets of $27 billion. It provides a number of products and services that befit the banked retail and corporate customers of Aust-Agder, Vest Agder, Rogaland and Hordaland counties. To meet the needs of its clientele, the bank handles customer deposits, loans, credit cards, mobile and online banking, pension plans, factoring and leasing, motor insurance services, mortgage insurance, travel insurance, and life insurance. The bank has 300 branches across Norway with headquarters in Bjergsted.
3. Handelsbanken Norway
With an asset base of $ 30 billion and 700 employees, Handelsbanken is the third biggest bank in Norway. It offers a number of products and services through 49 branches, strategically situated around the country. The products and services include personal and mortgage loans, savings accounts, pension solutions, insurance, debit and credit banks, international banking and money transfer, cards and accounts for children and adolescents and of late internet banking. It was established in 1986, with headquarters in Oslo.
4. Sparebank 1 SMN
Based in Trondheim, this is the fourth largest bank in Norway in terms of assets with over 200, 000 clients served by 1,400 employees. It offers its services from 50 branches in 42 municipalities. The bank was established in 1823 and as at the begging of 2019, it was posing a market capitalization of $1.4 billion.
5. Santander Consumer Bank
With operations in Sweden, Denmark, and Norway, Santander is the fifth-largest bank in Norway offering personal loans to its clientele, taking deposits, credit cards, car finance foreign exchange, car leasing, and consignment. It has been reported that it had total assets to a tune of $17.2 billion at the end of the year 2018, customer loans accounted for $14.4 billion and customer deposits worth $ 6.3 billion. The bank in Norway operates as a subsidiary of Santander Consumer Finance S.A with headquarters in Strandveien.