VAT in Germany

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.

  1. DNB Bank
  2. SpareBank 1 SR-Bank
  3. Handelsbanken Norway
  4. Sparebank 1 SMN
  5. Santander Consumer Bank
  6. Bank Norwegian AS
  7. Storebrand Bank ASA
  8. BN Bank ASA
  9. Skandiabanken
  10. Sparebanken Møre
  11. Nordea Bank
  12. Voss Veksel og Landmandsbank
  13. Cultura Sparebank
  14. yA Bank
  15. 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 is 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.

As of August 2022, SpareBank 1 SR-Bank has a customer base of over 350,000 customers and holds $ 22.88 billion in gross loans. It has a physical presence in Rogaland, Agder, Vestland, Viken, and Oslo.

The bank has experienced massive growth outside Rogaland. For instance, most of the bank’s total lending has been to customers in Southern and Western parts of Norway.

SpareBank 1 SR-Bank started as a private company but was converted to a public limited company in 2012. The goal was to make it easy for the bank to invest more value in its region by meeting its customers’ capital needs.

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.

Sparebank 1 SMN has a presence in 46 locations in 42 municipalities in Trøndelag, Vestland, and Møre og Romsdal counties. It provides one-stop banking services to firms and households and firms.

Its top banking services include financing, investment, savings, payments, online, and insurance services. Of the over 200,000 customers, 15,000 are corporate customers.

Sparebank 1 SMN boasts of being the region’s largest private contributor to business development and charity donations. The bank also invests in other economic sectors through its subsidiaries.

Among its top subsidiaries are EiendomsMegler 1 Midt-Norge, a top real estate agent; SpareBank 1 Finans Midt-Norge, a leading leasing company; and SpareBank 1 Markets, the only firm dedicated to investment in the region.

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.

The Santander Consumer Bank employs over 1,500 staff in its branches across Sweden, Norway, Finland, and Denmark. In addition, 450 of them work in Norway. The bank prides itself on having a shared culture.

That diverse culture provides the right environment for talent nurturing and growth of talent. And in turn, that enables the bank to deliver quality services to their clients. In addition, the bank prides itself on being a part of the community it serves.

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 in 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 among the top 10 banks in the country within the last decade.

Storebrand Bank has over 1,000 staff in 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 had 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 with 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.

BN Bank has over 50,000 clients across the country.

9. Skandiabanken

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 with international payment and related services.

Skandiabanken has an impressive financial record. The bank has a total asset that is worth a little over $6 billion. Additionally, it has an average yearly net income of over $100 billion.

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.

Sparebanken keeps a small workforce that is not up to 100 staff. Nonetheless, the bank has a total asset of over $1 billion. Also, it has an average yearly income that exceeds $10 million.

In the period running from July 2021 to July 2022, the bank increased its lending by $310 million, a growth of 4.6%. Of that amount, $200 million was in the retail market, while $140 million was in the corporate market.

Furthermore, Sparebanken Møre reported an increase in customer deposits by over $370 million, giving it growth of 8.3% within 12 months. And its pretax profit year-over-year in Q2 2022 was $19.12 million, up from $14.94 million in Q2 2021.

The growth in lending and deposit customers pushed the net interest income to $4.81 million, while other customer-related income increased by $730 thousand, or about 13.5%.

11. Nordea Bank

Nordea Bank has its origins in Denmark. This bank, together with several other banks was formed in 1820. Now, Nordea Bank has grown to become one of the biggest banks in 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 of 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 accounts, 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.