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 that was established in 1816.
- DNB Bank
- SpareBank 1 SR-Bank
- Handelsbanken Norway
- Sparebank 1 SMN
- Santander Consumer Bank
- Bank Norwegian AS
- Storebrand Bank ASA
- BN Bank ASA
- Sparebanken Møre
- Nordea Bank
- Voss Veksel og Landmandsbank
- Cultura Sparebank
- yA Bank
- Resurs Bank
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 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 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.
6. Bank Norwegian AS
Bank Norwegian is a bank that operates from Fornebu as its headquarters. It offers its clients several banking services not only in Norway, but within Finland, Denmark, and Sweden. Created in 2007, Bank Norwegian was a subsidiary of a financial institution named Norwegian Finans before it was sold to another financial institution called Cidron Xingu.
Bank Norwegian has evolved so much so that it offers clients a wide range of internet-based services such as card services, loans, and different types of accounts. Additionally, it provides conventional services to its clients. Bank Norwegian has a total asset that exceeds $4 billion. Likewise, it has an average yearly income of over $100 million.
7. Storebrand Bank ASA
Storebrand Bank began its operations in 2006 as a commercial bank. Although it has several branches across Norway, Storebrand Bank has its head office in Lysaker. The bank offers several banking services, which include individual accounts, corporate accounts, retail financing services, and more. In addition, the bank has become amongst the top 10 banks within the country within the last decade.
Storebrand Bank has over 1,000 staff within Norway. Also, it has an average net income and total assets of $20 million and $2 billion, respectively. In 2007, Storebrand Bank was able to take over Swedish SPP. This business operation significantly increased the value of the bank’s shares.
8. BN Bank ASA
BN Bank has its head office in Trondheim since it was opened in 1961. Over the years, the bank has been able to amass a large size of assets with a total net value of over $30 billion. Also, the bank has an average yearly income that exceeds $100 million.
BN Bank provides its clients a wide range of banking services, which include investment options, current accounts, savings accounts, mortgages, and much more. Likewise, the bank is a specialist in private financing for corporations and individuals.
Skandiabanken is another Norwegian bank that was established in 2000. With its head office in Bergen, the bank offers its clients a wide range of banking services most of which are via the bank’s digital platform. Therefore, clients can access car credit, debit and credit cards, mortgages, overdrafts, and various other services via the internet from anywhere within the country. Likewise, Skandiabanken effectively provides its clients international payment and related services.
10. Sparebanken Møre
Sparebanken Møre is a bank that operates from Volda and was opened in 2006. The bank offers its clients banking services such as insurance, bill payment, card services, and much more.
11. Nordea Bank
Nordea Bank has its origins in Denmark. This bank, together with several other banks were formed in 1820. Now, Nordea Bank has grown to become one of the biggest banks within Northern Europe. It not only operates in Norway, but it exists in Finland, Sweden, and Denmark.
Nordea Bank’s growth in the 21st Century is due to several mergers that occurred within all four countries. At the moment, an insurance company named Sampo has a controlling share in the bank. In addition, the stock of the bank is listed within the Scandinavian countries’ stock markets.
12. Voss Veksel og Landmandsbank
Voss Veksel og Landmandsbank was founded in 1899. It operates out of Norway. As a regional bank, it provides banking services and products to a wide range of clients, which include individuals, institutions, and corporations. Some of the services and products offered by Voss Veksel og Landmandsbank include savings accounts, current accounts, insurance policies, and much more.
In addition, this bank is involved in leasing, agriculture, and cooperative insurance. Voss Veksel og Landmandsbank also offers its clients internet and mobile banking. Therefore, customers can carry out transactions without going to the bank.
13. Cultura Sparebank
Cultura Sparebank is a bank that began operating in 1982. It is a bank that predominately offers savings banking services. The bank is involved in the ethical drive, which aims to invest all assets and savings using ethical methods. With a total asset of $80 million, Cultura Sparebank has several branches in the Norwegian capital city and other locations within the country.
Behind the creation of Cultura Sparebank was a group of economic and ethically driven people, which aimed to have an ethics-based financial institution. Therefore, Cultura Sparebank has created a financial environment that allows its clients to comfortably save and invest in the company.
14. yA Bank
yA Bank runs as an indigenous Norwegian bank. It started operating in 2006. Since then. yA Bank has accumulated a little over 100,000 clients within Norway alone. As a modern bank, this bank has excellent internet and mobile banking products and services. With a small workforce of a little over 50 workers, the bank has a total asset that exceeds $700 million. In addition, yA Bank has a considerable total client deposit and net loans, which exceeds $550 billion each, respectively.
yA Bank offers its clients different banking services such as credit cards, multifunctional loans, savings account, checking accounts, and other specialized banking services. It is worth knowing that yA Bank is owned by Resurs Bank, which owns 100% of the bank.
15. Resurs Bank
Resurs Bank belongs to the Swedish group Resurs Holding. It began operating in 2001. Besides banking, the mother company Resurs Holding owns several companies that are involved in TV, radio, and much more. As a bank, Resurs Bank provides its clients access to specialized financial services, which include credit cards, loans without collateral, and savings options.
Since the creation of Resurs Bank under its holding company, the bank has been supervised by a financial regulatory authority owned by the Swedish government.