The banking sector in Norway consists of approximately 120 banks including commercial banks, regional banks, savings banks and branches of foreign banks. Financial Supervisory Authority of Norway (Finanstilsynet), a government agency, regulates all financial institutions in the country. Norges Bank, established on June 14, 1816, is the central bank of Norway. Below is a list of the largest and best banks in Norway.
DNB ASA, headquartered in Oslo, is the largest bank and financial services group in Norway with about 8,900 employees, 2.3 million retail and corporate customers, 1.5 million active internet bank users and US$302 billion in total assets at March 31, 2020. Founded in 1822, it is the oldest private bank in the country. DNB’s main subsidiaries include DNB Bank ASA, DNB Forsikring AS (DNB insurance), DNB Livsforsikring AS (DNB life insurance) and DNB Asset Management Holding. DNB Bank is rated Aa2 by Moody’s and AA- by Standard & Poor's. As of June 15, 2020, the company had a market capitalization of US$22 billion.
Handelsbanken is the second largest bank in Norway with assets of about US$30 billion and 700 employees. It provides a comprehensive range of products and services through a network of 49 branches across the country. It offers personal and auto loans, mortgage loans, checking and savings accounts, pension solutions, insurance, online banking, debit and credit cards, foreign exchange, international payments, cards for children and adolescents as well as investments, financing advice and tailor-made solutions.
SpareBank 1 SR-Bank
SpareBank 1 SR-Bank ASA, established in 1976, is the largest regional bank and the second largest Norwegian owned banking institution with total assets of US$27 billion. It serves retail and corporate customers in Aust-Agder, Vest-Agder, Rogaland, and Hordaland counties. It offers deposit products, loans, credit cards, mobile and online banking, pension plans, factoring, leasing as well as insurance services including auto insurance, mortgage insurance, and travel and life insurance. The company is part of the SpareBank 1 Alliance which includes 14 banks and 300 branches across Norway. It is headquartered in Stavanger, Norway's fourth-largest city.
Santander Consumer Bank
Santander Consumer Bank AS, with operations in Norway, Sweden and Denmark, offers installment and unsecured loans, financial leasing, deposit products, credit cards, car finance, foreign exchange, pension and insurance schemes, and more. The company is the fourth largest bank in Norway by assets. It finances every tenth car in the country. As of March 31, 2020, it had US$20 billion in total assets, US$18.2 billion in gross loans and US$7 billion in customer deposits. Santander Consumer Bank is a subsidiary of Santander Consumer Finance S.A. and is based in Greater Oslo Region.
Sparebank 1 SMN
Sparebank 1 SMN, based in Trondheim, is the fifth largest bank in Norway in terms of total assets. With over 200,000 clients and 1,550 employees, it operates through about 50 branches in 42 municipalities throughout Trondelag, More og Romsdal and Sogn og Fjordane. The company was established in May 1823. Sparebank 1 SMN is listed on the Oslo Stock Exchange (Oslo Børs) with a ticker code MING.
SpareBank 1 Nord-Norge
Founded in 1836, SpareBank 1 Nord-Norge is a Norwegian regional bank with over 900 employees and 38 branches in 36 municipalities across Troms, Nordland, Svalbard and Finnmark. It offers a wide array of savings, insurance, loan and payment products in retail, corporate and leasing markets. SpareBank 1 Nord-Norge is the result of the merger of 40 savings banks in Northern Norway. In March 2020, the company’s total deposits and retail lending amounted to NOK 70.6 billion and NOK 86.7 billion, respectively.
Sbanken ASA (formerly Skandiabanken ASA) is the leading online retail bank in Norway and the largest internet bank in Scandinavia. The company provides financial products and services only to private individuals. It offers current accounts, high-interest and security deposit accounts, consumer loans, mortgages, car loans, custody account loans, credit cards, international payments and card transactions, security solutions and other services. The company was established in 2000 and is based in Bergen. Sbanken group serves over 450,000 customers and employs around 300 people.
Bank Norwegian AS, one of the top 10 banks in Norway, is an online bank established in November 2017 and is headquartered at Snarøyveien 36, Fornebu. With over 1.5 million customers, it also has operations in Finland, Sweden and Denmark. The Bank offers a diverse range of competitive products for retail market including instalment loans, credit cards, reward cards, deposit accounts and insurance products. In 2019, the Bank's profit after tax and net interest income reached US$226 million and US$597 million, respectively. Bank Norwegian is a division of Norwegian Finans Holding ASA.