Overview of Banks in Norway
Banks in Norway comprise 17 commercial banks, 105 savings banks, and a small number of state-owned banks. The Financial Supervisory Authority of Norway oversees all financial institutions in the country. There are three types of banks in Norway:
- Commercial banks (also known as business banks)
- Savings banks
- Branches of foreign banks
According to Moody’s, in early 2021, the outlook for Norway’s banking system is stable, as the rating agency expects economic recovery from the COVID-19 pandemic.
For anyone considering a career in banking in Norway, this list of top banks in Norway is a helpful guide on where to start. To learn more, see our lists of financial institutions.
The Top Banks in Norway are:
Bank Norwegian AS
Bank Norwegian AS was founded in 2007 and is based in Lysaker. The internet bank provides various banking products and services to retail customers in Norway, Sweden, Denmark, and Finland. Bank Norwegian AS is a wholly-owned subsidiary of Norwegian Finans Holding ASA.
Net income: NOK 539 million (2015)
Total assets: NOK 17.5 billion (2015)
Established in 1822, DNB Bank is the largest of the banks in Norway, with 2.1 million personal customers and 183,000 corporate customers. Headquartered in Oslo, it employs more than 9,000 staff and holds a strong position in the energy sector, and in the fisheries and seafood industry.
Net income: NOK 19.85 billion (2020)
Total assets: NOK 2.99 trillion (3/2021)
Based in Gapune, Luster Sparebank was formed in 1975. It is the 57th largest of the savings banks in Norway (out of 104). The bank provides various banking products and services in the country and operates a branch at Hafslo.
Net income: NOK 33.54 million (2019)
Total assets: NOK 3.77 billion (2019)
Svenska Handelsbanken was established in 1871 and is based in Oslo. The bank provides a wide range of retail and corporate banking products and services to private individuals and business customers. It employs around 670 staff and manages 51 offices throughout the country. It is owned by Svenska Handelsbanken.
Net income: SEK 2.23 billion (2020)
Total assets: SEK 269.13 billion (2020)
Storebrand Bank ASA
Founded in 1767, Storebrand Bank is headquartered in Lysaker. The commercial bank provides a broad range of retail banking products and services to individuals and corporate customers. Storebrand Bank is the seventh-largest of the commercial banks in Norway with a market share of 0.91%.
With around 1,900 employees, Storebrand is a publicly traded company listed on the Oslo Stock Exchange.
Net income: NOK 2.53 billion (2020)
Total assets: NOK 748.43 billion (3/2021)
Sparebank 1 SMN
Sparebank was formed in 1823 and is headquartered in Trondheim. It is the third-largest of the banks in Norway in terms of assets. It provides banking and financial products and services to individuals and corporate customers.
The bank employs around 1,500 staff and operates in 55 locations across 45 municipalities in both Trondelag counties, More and Romsdal, and Sogn and Fjordane. It is one of the six owners of the SpareBank 1 Alliance.
Net income: NOK 1.85 billion (2020)
Total assets: NOK 193.82 billion (3/2021)
BN Bank ASA
Established in 1961, BN Bank ASA is headquartered in Trondheim and provides retail and corporate banking services. In the retail market, the bank offers competitive rates on savings products. In the corporate market, it provides niche expertise in real estate lending. It is one of the leading mortgage lenders in Norway.
The bank is a member of the SpareBank1 consortium and employs around 1,100 staff.
Net income: NOK 354 million (2020)
Total assets: NOK 36.80 billion (3/2021)
Santander Consumer Bank AS
Headquartered in Lysaker, Santander Consumer Bank is a subsidiary of Santander Consumer Finance SA. The bank offers savings products, car and leisure loans, consumer loans, and credit cards, as well as leasing and consignment services. It employs more than 1,300 employees.
Net income: NOK 2.13 billion (2020)
Total assets: NOK 196.62 billion (3/2021)
Founded in 2000, Skandiabanken is headquartered in Bergen. The bank operates as a digital bank and provides various banking products to retail customers. It offers deposit products, home loans, car loans, credit cards, overdraft facilities, personal loans, custody account loans, and mortgage loans, as well as short-term loans. It also provides payment services, which include invoice payments, international payments, card transactions, etc.
Net income: NOK 748.58 million (2020)
Total assets: NOK 101.72 billion (3/2021)
Sparebanken was established in 2006 and is headquartered in Volda. The bank provides checking accounts, credit and debit cards, loans, insurance, payment protection, phone banking, bill pay, and merchant services. It employs more than 50 staff.
Net income: NOK 567.0 million (2020)
Total assets: NOK 81.07 billion (3/2021)
Careers in Investment Banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map:
For banking careers, you will have a significant edge over the competition with our financial modeling courses.
This has been CFI’s guide to the top banks in Norway. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: