Banks in Norway

Updated on March 19, 2024
Article byWallstreetmojo Team
Edited byWallstreetmojo Team
Reviewed byDheeraj Vaidya, CFA, FRM

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 marketThe Financial MarketThe term "financial market" refers to the marketplace where activities such as the creation and trading of various financial assets such as bonds, stocks, commodities, currencies, and derivatives take place. It provides a platform for sellers and buyers to interact and trade at a price determined by market more has been progressing swiftly and is ranked very high by the World Economic Forum.

Structure of Banks in Norway

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

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

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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.

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Top 11 Banks in Norway

The top banks in Norway can be described below:

Banks in Norway

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#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 subsidiaryA Wholly Owned SubsidiaryWhen a company’s almost all of the outstanding shares are owned by another company (parent) then it can be said that it is a wholly-owned subsidiary of that company and it is controlled by the parent company. For example, Walt Disney Entertainment owns 100% of Marvel Entertainment which produces more of Norwegian Finans Holding ASA.

It is an online market for the private sectorPrivate SectorThe private sector is a section of the national economy that the government does not own. The business conducted under this sector is carried out by companies or entrepreneurs who focus on profit maximization and customer more and offers sophisticated financial services with innovative technology. The Net income for the group for 2015 was NOK 539 million [1 US$ = 8.1 NOK].

#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 EquityReturn On EquityReturn on Equity (ROE) represents financial performance of a company. It is calculated as the net income divided by the shareholders equity. ROE signifies the efficiency in which the company is using assets to make more of 11.2% for 2020.

#4. Handelsbanken

This top bank in Norway is a Swedish bank offering universal bankingUniversal BankingUniversal banking, in contrast to traditional banking institutions, offers a wider range of banking and financial services, including insurance, development banking, investment banking, commercial banking, and other financial more 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:

#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:

#8. Santander Consumer Bank AS

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

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:

As of Q1’17, the market capitalizationMarket CapitalizationMarket capitalization is the market value of a company’s outstanding shares. It is computed as the product of the total number of outstanding shares and the price of each more 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:

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.

We hope you liked this guide to top banks in Norway. If you are looking forward to making a career in Banking, then you can check out some of the awesome resources –