Top15 Banks of Norway

According to reports, Norway is a developed nation with a robust economy and a progressive administration that has benefited from open policies. There are 120 banks in Norway’s banking industry, including commercial banks, regional banks, savings banks, and branches of what are considered foreign banks. Under a central bank that was created in 1816, the Financial Supervisory Authority of Norway oversees banks.

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Norway, or the Kingdom of Norway, is a democratic and economically successful nation in Northern Europe, mostly in the western part of the Scandinavian Peninsula. Norway has an extremely high standard of living, no corruption, and high levels of both education and healthcare. Norway’s high level of living is in part due to the country’s abundance of natural resources in comparison to the size of its population.

Norway’s economy is diverse, with certain significant industries dominated by the state and others by the free market (for example, the petroleum sector, hydroelectric energy production, aluminium production, telecommunications, and banking).

Top 15 Banks in Norway

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

In terms of assets and market capitalization, DNB has been named the largest bank in the Nordic region. The bank has diversified to offer a full range of financial services, including advisory services and pension solutions for individual and corporate customers, in order to preserve this position. In terms of digital marketing, it has also been ranked as the biggest bank, serving more than 1.3 consumers. It is one of the nation’s earliest private banks and was established in 1822. It has a variety of subsidiaries to be able to fulfil the constantly shifting demands of the banking audience in order to provide excellent customer service and maintain its numbers.

2. SpareBank 1 SR-Bank

This organisation, which was founded in 1976 and has a total asset base of $27 billion, is the largest regional bank and the second-largest bank controlled by the Norwegian government. It offers a range of goods and services that are appropriate for the banked retail and business clients in the counties of Aust-Agder, Vest Agder, Rogaland, and Hordaland. The bank manages deposits from customers, loans, credit cards, mobile and online banking, pension plans, factoring and leasing, vehicle insurance services, mortgage insurance, travel insurance, and life insurance in order to suit the demands of its clientele. The bank’s headquarters are in Bjergsted, and it has 300 branches throughout Norway.

More than 350,000 people are customers of SpareBank 1 SR-Bank as of August 2022, and the bank has $ 22.88 billion in gross loans. In Rogaland, Agder, Vestland, Viken, and Oslo, it is physically present.

The bank has expanded significantly outside of Rogaland. For instance, majority of the bank’s overall lending has been to consumers in Southern and Western portions of Norway.

In 2012, SpareBank 1 SR-Bank underwent a conversion from a private to a public limited business. By satisfying the capital demands of its clients, the objective was to make it simple for the bank to invest more value in the area.

3. Handelsbanken Norway

The third-largest bank in Norway is Handelsbanken, with a $30 billion asset base and 700 employees. Through 49 outlets that are thoughtfully positioned across the nation, it provides a variety of goods and services. Personal and mortgage loans, savings accounts, pension planning, insurance, debit and credit banks, foreign banking, money transfers, cards and accounts for children and teenagers, and late internet banking are among the goods and services offered. Its Oslo-based corporate headquarters were founded in 1986.

4. Sparebank 1 SMN

This Trondheim-based bank has approximately 200 000 clients and 1,400 staff members, making it the fourth-largest bank in Norway in terms of assets. It operates 50 branches in 42 municipalities, providing its services. The bank was founded in 1823 and had a market capitalization of $1.4 billion at the start of 2019.

46 locations in 42 municipalities in the counties of Trondelag, Vestland, and Møre og Romsdal are occupied by Sparebank 1 SMN. For businesses, households, and businesses, it offers one-stop banking services.

Financing, investments, savings, payments, online, and insurance services are among its top banking services. 15,000 of the company’s more than 200,000 customers are businesses.

The region’s largest private contributor to philanthropic giving and business growth is Sparebank 1 SMN, which takes pride in this distinction. Through its subsidiaries, the bank also makes investments in various economic sectors.

Its key subsidiaries include the leading real estate agent EiendomsMegler 1 Midt-Norge, the premier leasing company SpareBank 1 Finans Midt-Norge, and the sole investment company in the area, SpareBank 1 Markets.

5. Santander Consumer Bank

Santander, the fifth-largest bank in Norway with operations in Sweden, Denmark, and Norway, provides personal loans to its customers in addition to accepting deposits, credit cards, foreign exchange, vehicle leasing, and consignment. According to reports, it had $17.2 billion in total assets at the end of 2018, of which $14.4 billion represented client loans and $6.3 billion represented customer deposits. The bank in Norway is a branch office of Santander Consumer Finance S.A., which has its main office in Strandveien.

More than 1,500 people work at Santander Consumer Bank in its locations in Sweden, Norway, Finland, and Denmark. 450 of them also have jobs in Norway. The bank takes great pleasure in having a unified culture.

This multifaceted culture offers the ideal setting for developing and growing potential. And as a result, the bank is able to offer its customers high-quality services. The bank also takes great pride in becoming a part of the neighbourhood it serves.

6. Bank Norwegian AS

Bank Norwegian is a financial institution with its main offices in Fornebu. It provides a range of banking services to its clients not only in Norway but also in Finland, Denmark, and Sweden. Before being purchased by a different financial organisation called Cidron Xingu, Bank Norwegian was a division of a company called Norwegian Finans, which was founded in 2007.

Bank Norwegian has advanced to the point where it now provides customers with a variety of internet-based services, including card services, loans, and other account kinds. Additionally, it offers its customers traditional services. Over $4 billion worth of assets are held by Bank Norwegian. It also earns over $100 million on an annual basis.

7. Storebrand Bank ASA

As a commercial bank, Storebrand Bank launched its operations in 2006. Storebrand Bank has offices all around Norway, but its main office is in Lysaker. The bank provides a range of banking services, such as personal and business banking, retail finance, and more. In the past ten years, the bank has also risen to become one of the top 10 banks in the nation.

In Norway, Storebrand Bank employs over a thousand people. Additionally, it has assets of $2 billion and an average net income of $20 million. Storebrand Bank was able to acquire Swedish SPP in 2007. The value of the bank’s stock increased dramatically as a result of this commercial venture.

8. BN Bank ASA

Since it was established in 1961, BN Bank has had its main office in Trondheim. The bank has amassed a sizable amount of assets throughout the years, with a total net worth of about $30 billion. The bank also earns more than $100 million on a yearly basis.

BN Bank offers a comprehensive range of banking services to its customers, including mortgages, current accounts, savings accounts, and other investment possibilities. The bank is an expert in providing private financing to both businesses and individuals.

Over 50,000 customers use BN Bank services across the nation.

9. Skandiabanken

Another bank founded in Norway in 2000 is called Skandiabanken. The bank, which has its headquarters in Bergen, provides a wide range of banking services to its customers, most of which can be accessed online. Customers can therefore access a variety of services, including auto loans, debit and credit cards, mortgages, overdrafts, and others, online from anywhere in the nation. Similar to how Skandiabanken successfully offers its customers international payment and related services.

Skandiabanken has a strong track record in terms of finances. The bank’s entire assets are just over $6 billion in value. It also generates over $100 billion in net income per year on average.

10. Sparebanken Møre

A bank called Sparebanken Mre was established in 2006 and runs out of Volda. The bank provides a wide range of banking services to its customers, including insurance, bill payment, card services, and more.

Sparebanken maintains a small staff of up to 100 people. Despite this, the bank’s overall assets exceed $1 billion. Additionally, it generates an annual average income of more than $10 million.

The bank boosted its loan by $310 million, or 4.6%, in the two-year period beginning in July 2021 and concluding in July 2022. Of that sum, $140 million went to the corporate market, while $200 million went to the retail market.

Additionally, Sparebanken More recorded an increase in customer deposits of over $370 million, representing growth of 8.3% over the previous 12 months. Additionally, its pretax profit in the second quarter of 2022 increased year over year from $14.94 million to $19.12 million.

While other revenue associated with clients climbed by $730 thousand, or roughly 13.5%, the expansion in lending and deposit consumers drove the net interest income to $4.81 million.

11. Nordea Bank

Denmark is where Nordea Bank first started. In 1820, this bank and a number of other banks were established. Currently, Nordea Bank is among the largest banks in Northern Europe. Along with operating in Norway, it is also present in Finland, Sweden, and Denmark.

Numerous mergers that took place within all four nations have contributed to Nordea Bank’s expansion in the twenty-first century. Currently, Sampo Insurance Company owns a controlling stake in the bank. Additionally, the bank’s shares are listed on the stock exchanges of the Scandinavian nations.

12. Voss Veksel og Landmandsbank

In 1899, Voss Veksel og Landmandsbank was established. It is based in Norway. As a regional bank, it offers banking services and goods to a wide spectrum of customers, including private citizens, businesses, and institutions. Voss Veksel og Landmandsbank provides a variety of services and goods, including current accounts, insurance coverage, and more.

This bank also engages in leasing, farming, and cooperative insurance. Additionally, Voss Veksel og Landmandsbank provides internet and mobile banking to its customers. Customers can conduct transactions as a result without visiting the bank.

13. Cultura Sparebank

In 1982, Cultura Sparebank opened for business. This bank specialises in providing savings banking services. The bank is a part of the initiative to invest all assets and money according to moral principles. Cultura Sparebank has many branches throughout the nation’s capital and other cities, with a total of $80 million in assets.

Those who wanted to build a financial institution with an ethics-based foundation were the ones who founded Cultura Sparebank. As a result, Cultura Sparebank has established a financial setting that enables its customers to comfortably store money and make investments in the business.

14. yA Bank

yA Bank operates as a locally owned bank in Norway. It first went into service in 2006. After that, Just in Norway, yA Bank has amassed a bit over 100,000 customers. This bank, a contemporary institution, offers great online and mobile banking products and services. The bank employs just a little over 50 people and has assets worth more than $700 million despite its small workforce. Additionally, yA Bank has sizable net loans and total client deposits, each of which exceeds $550 billion.

yA Bank provides a range of financial services to its customers, including credit cards, loans with multiple uses, savings accounts, checking accounts, and other specialised banking services. It is important to be aware that Resurs Bank, which owns 100% of yA Bank, is the institution’s owner.

15. Resurs Bank

The Swedish company Resurs Holding owns Resurs Bank. It started running in 2001. The parent company Resurs Holding also controls a number of businesses involved in TV, radio, and other industries in addition to banking. In its capacity as a bank, Resurs Bank gives its customers access to specialised financial services like credit cards, unsecured loans, and savings accounts.

Since Resurs Bank was founded under its holding company, it has been under the control of a financial regulating body that is controlled by the Swedish government.