Banks in Norway

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Overview of Banks in Norway

Norway (officially the Kingdom of Norway) is a prosperous and democratic country in Northern Europe, located mainly at the western portion of the Scandinavian Peninsula. Norway has a very high standard of living, a low level of corruption, and a high education and health care level. Norway has achieved these highest standards of living in the world partially by having a large number of natural resources compared to the size of its population.

Norway has a mixed economy with free-market activity and large state ownership in certain key sectors (for example, the petroleum sector, hydroelectric energy production, aluminum production, telecommunications, and banking).

The financial market has been progressing swiftly and is ranked very high by the World Economic Forum.

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Structure of Banks in Norway

The banking structure of Norway is classified into the following three types:

  • Commercial Banks (Business Banks)
  • Savings Banks
  • Branches of foreign banks

These banks in Norway have the oversight of the Financial Supervisory Authority of Norway.

Digital Banking In Norway

Norway's digital banking landscape offers advanced technology, seamless mobile banking, and strong security measures, fostering convenient and user-friendly financial experiences. It is well-developed and embraced by both traditional banks and fintech startups. Established banks offer extensive online banking services and mobile apps, providing convenient access to financial services. The Norwegian fintech sector is also growing, with innovative solutions gaining popularity. Norway's supportive regulatory environment and high digital adoption rates contribute to a dynamic and forward-looking digital banking landscape in the country.

Top 11 Banks in Norway

The top banks in Norway can be described below:

Banks in Norway

#1. Revolut

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#2. Bank Norwegian AS

In Norway, this top bank is an established institution providing loans, savings accounts, and credit card facilities to customers. It was founded in 2007 with its headquarters in Fornebu, Norway, and it is a Wholly owned subsidiary of Norwegian Finans Holding ASA.

It is an online market for the private sector and offers sophisticated financial services with innovative technology. The Net income for the group for 2015 was NOK 539 million .

#3. DNB Bank

It is the largest financial services group, with the two largest owners being the Norwegian Ministry of Trade and Industry and Sparebankstiftelsen DnB NOR. They offer services to the Corporate, Retail, Securities market, and Public sector.

The group’s activities are primarily focussed in Norway but are also one of the world’s The group’s activities are primarily focused on Norway but are also one of the world's advanced Shipping banks and an established player in the Energy, Fisheries, and Seafood industry. The Net Profit for 2020 is NOK 19.85 billion with a Return on Equity of 11.2% for 2020.

#4. Handelsbanken

This top bank in Norway is a Swedish bank offering universal banking services, with the branch in Oslo, Norway being one of the leading banks for Personal and business customers. It is the fourth largest bank in Norway, established in 1986 with over 800 employees and offering services such as:

  • Savings
  • Loans
  • Credit and Debit Cards
  • Insurance Services
  • Asset Management
  • Stock Brokerage
  • Corporate Finance
  • Online Banking

#5. Storebrand Bank ASA

It is a top commercial bank in Norway and a subsidiary of Storebrand ASA (leading provider of Insurance and pension products provider in Norway & Sweden). They provide a broad range of retail banking products and services to Individuals and Corporate customers and are the 18th largest bank in Norway. The Net Profit for 2020 was NOK 2.53 billion with a market share of 0.91%

The bank was founded in 2006 with its headquarters in Lysaker, Norway. The commercial bank provides a broad range of retail banking products and services to various customers. It is a public company listed on the Oslo stock exchange.

#6. Sparebank 1 SMN

The bank is the third top bank in Norway concerning assets offering banking and financial products and services to individuals and corporate customers. The Net Profit for 2020 was NOK 1.85 billion. The bank employs over 1,500 employees across 55 locations and 45 municipalities, with its headquarters in Trondheim. It is one of the six owners of the SpareBank 1 Alliance.

The bank also addresses:

  • Private & Public sector
  • Agricultural sector
  • SME

#7. BN Bank ASA

It is a top bank in Norway based in Trondheim with a branch in Oslo, formerly known as Bolig- og Næringsbanken. It is owned by Sparebank 1 alliance with 1,100 customers and the 15th largest bank in Norway in terms of assets (NOK 36.80 billion). The bank does not offer advanced investment products but provides:

  • Mortgage services
  • Private Financing
  • Retail Banking (Competitive rates on Savings products)
  • Corporate Market (Niche expertise in Real estate lending)
  • Online banking services for regular payment activities

#8. Santander Consumer Bank AS

The bank is a subsidiary of Santander Consumer Finance SA and offers:

  • Savings products
  • Car and other leisure loans
  • Credit Card facility
  • Consumer loans
  • Leasing & Consignment

It is one of the top banks in Norway and recorded a Net Profit of NOK 2.13 billion for Q2 2020. Their strategic initiatives will continue to make further investments in the innovation and launching of new products.

#9. Skandiabanken

Established in 2000, the Norway bank is headquartered in Bergen and is the largest internet-based bank in Scandanavia. It specialises in offering banking products to retail customers and other products such as:

  • Deposits
  • Loans (Home, Car, Personal)
  • Custody Account Loans
  • Payment Services such as Invoice payments, International payments
  • Card related transactions

As of Q1’17, the market capitalization was NOK 7.6 billion with a customer base of 400,000, NOK 71.2 billion in assets, and NOK 63.5 billion of loans and regarded as highly reputed for customer satisfaction.

#10. Sparebanken Møre

It is a Norwegian savings bank with its headquarters in Alesund, Norway, and in 1985, several savings banks in Romsdal merged. The bank specializes in basic banking facilities such as:

  • Savings bank account facility
  • Card transaction
  • Loan facility
  • Insurance
  • Payment protection
  • Phone Banking
  • Merchant services

For Q3’17, the organization reported NII of NOK 281 million with an after-tax profit of NOK 139 million. This bank in Norway is relatively small but ensures that banking expectations are met regularly.

#11. yA Bank

This top bank in Norway offers basic financial and banking services to personal customers. It was established in 2006 with its headquarters in Oslo, Norway has a customer base of 100,000 customers. The bank is wholly owned by Swedish Resurs Bank AB, which acquired the bank in 2015.

Apart from the regular banking services of loans in deposits, they also guide in:

  • Motorbike Loans
  • Caravan Loans
  • Boat Loans

These are in line with promoting the fisheries industry, which is a high income generating for Norway.

As of March 2017, it had total assets of NOK 6.037 billion, Net Loans of NOK 4.953 billion, and Deposits of NOK 4.953 billion.