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, the outlook for Norway’s banking system is negative, as the rating agency expects declining oil investments and persistently low oil prices to adversely affect the domestic operating environment.
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 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.
In 2016, the bank reported total assets of US$3.9 billion and a net income of US$123 million.
Established in 1898, 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 11,000 staff and holds a strong position in the energy sector, and in the fisheries and seafood industry.
As of 2016, the total assets of the bank were US$341 billion and net profit was US$2,474 million.
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.
In 2016, the bank’s total assets amounted to US$417 million and net profit reached US$5 million.
Handelsbanken was established in 1986 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.
In 2016, the group reported total assets of US$330 billion and total income of US$505 million.
Storebrand Bank ASA
Founded in 2006, 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 7th largest of the commercial banks in Norway with a market share of 0.91%.
With around 2,000 employees, Storebrand is a publicly-traded company listed on the Oslo Stock Exchange. As of 2016, the bank’s total assets were US$2.6 billion and operating income was US$28 million.
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 1,100 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.
In 2016, the bank’s total assets amounted to US$17.5 billion and operating income reached US$250 million.
BN Bank ASA
Established in 1961, BN Bank is headquartered in Trondheim and is the 15th largest bank in Norway in terms of assets. It 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. In 2016, the bank reported total assets of US$34 billion and operating income of US$164 million.
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. With more than 300 employees, it is one of the leading banks in Norway, ranking fourth in terms of assets.
As of 2016, the total assets of the bank were US$16.5 billion and operating income was US$396 million.
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.
In 2016, the bank reported total assets of US$7 billion and operating income of US$111.09 million.
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. As of 2016, the bank’s total assets amounted to $1,067 million and operating income reached US$11 million.
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: