DNB NOR

'DnB NOR' () is Norway's largest financial services group with total assets of more than NOK 1.4 trillion. The Group includes the brands Vital, Nordlandsbanken, Cresco and Postbanken. DnB NOR's head office is located in Oslo.
The two largest owners of DnB NOR are the government of Norway (34.0%) and Sparebankstiftelsen DnB NOR (10.95%). The latter was created as a foundation with the sole purpose of owning part of the company. It was created when Gjensidige NOR was made a public limited company to insure that the companies' customers retained partial ownership of the company. The foundation also can give up to 25% of its received dividend as gifts to charity.

Contents

Operations

History

Investors relations

See also

External links

Operations

In Norway DnB NOR Bank has bank offices throughout the country. Though both Postbanken and Nordlandsbanken are part of the company, they retain their own brands and offices. Postbanken offers its services through the post offices while Nordlandsbanken has its offices exclusively in the county of Nordland.
Domestically the group has a security division called DnB NOR Markets, the finance company Cresco, the real estate agency DnB NOR Eiendom and the insurance company Vital. The company also is the sole issuer of American Express credit cards in Norway.
The group's activities are primarily focused on Norway; however, it is one of the world's foremost shipping banks and a major international player in the energy sector. It has an international network of 13 branches and representative offices, including Helsinki (Finland), Copenhagen (Denmark), Hamburg (Germany), Luxemburg, London (United Kingdom), New York (United States), Shanghai (China) and Singapore. The company also has multiple offices in Sweden.
In Denmark, Finland, Poland, Estonia, Latvia and Lithuania DnB NOR markets itself as DnB NORD in a joint venture with the German bank Norddeutsche Landesbank with DnB NOR owning 51%.

History

The history of the group goes back to 1822 with the establishment of 'Christiania Sparebank'. The present corporation consists of mergers between Christiania Sparebank (1822), Gjensidige (1847), Bergens Privatbank (1855), Den norske Creditbank (1857), Fellesbanken (1920), Bergens Kreditbank (1928), Postbanken, Vital and Nordlandsbanken. The current name stems from 2003, when the two banks Den norske Bank (DnB) and Gjensidige NOR merged in 2003.

Investors relations

After the share price had climaxed around the newyear shift 2006/07, the share price has been declining during the whole of the first seven months of 2007, despite being part of a market that has reached all-times-high several times. By July 14, 2007 the share had dropped from NOK 86.50 to 77.40. This decline of the share value seems to be connected to a long time decline in their percentual portion of the market for important bank services, with long term internal technical and organizational problems with a negative impact on the service quality towards their customers, and with a general growing interest rate. The internal problems that have plagued the company continually for a long time have especially been visible in the quality of their computerized services, making it periodically impossible for the customers to reach their accounts through the internet, periodically impossible to perfom elementary computer based transactions, and one day even forcing DnB NOR to close their localities for their customers. In reports from the DnB NOR corporation itself, the technical and service problems have been explained as a consequence of virus attacks on their computer networks.

See also

★ List of oldest companies

External links

★ DnB NOR corporate site

★ DnB NOR banking site