Den norske Creditbank
Encyclopedia
Den norske Creditbank or DnC is a defunct Norwegian
commercial bank
created in 1857. In 1990 it merged with Bergen Bank
to create Den norske Bank
(DnB). The bank was based in Oslo
and listed on the Oslo Stock Exchange
.
During the 1980s, DnC had expanded significantly both in Norway and internationally, and was Norway's largest bank at the time. During the bank crisis the bank suffered severe losses and in an effort to save the bank it succeeded in merging with Bergen Bank
, Norway's third largest bank.
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
created in 1857. In 1990 it merged with Bergen Bank
Bergen Bank
Bergen Bank was a Norwegian commercial bank in existence between 1975 and 1990. It was created as a merger between Bergens Privatbank and Bergens Kreditbank while the bank Kvam Privatbank was acquired in 1979. In 1988 it bought Nevi. Bergen Bank, which was based in Bergen, Norway, merged with Den...
to create Den norske Bank
Den norske Bank
Den norske Bank or DnB was a Norwegian bank that existed between 1990 and 2003 when it merged with Gjensidige NOR to form the present DnB NOR...
(DnB). The bank was based in Oslo
Oslo
Oslo is a municipality, as well as the capital and most populous city in Norway. As a municipality , it was established on 1 January 1838. Founded around 1048 by King Harald III of Norway, the city was largely destroyed by fire in 1624. The city was moved under the reign of Denmark–Norway's King...
and listed on the Oslo Stock Exchange
Oslo Stock Exchange
The Oslo Stock Exchange serves as the main market for trading in the shares of Norwegian companies. It opens at 9:00am and closes 5:30pm local time...
.
History
During the 1960s and 70s the bank bought and merged with a number of regional and local banks in Norway, including Odda By- og Bygdebank (1964), Porsgrunds Ørebank (1964), Røkens Bank 1964, Oplandske Kreditbank (1966), Horten og Omegns Privatbank (1970), Privatbanken i Sandefjord (1970), Østfold Privatbank (1970), Finnmarkens Privatbank (1973), Haugesunds Forretningsbank (1973) and Opplandsbanken (1980).During the 1980s, DnC had expanded significantly both in Norway and internationally, and was Norway's largest bank at the time. During the bank crisis the bank suffered severe losses and in an effort to save the bank it succeeded in merging with Bergen Bank
Bergen Bank
Bergen Bank was a Norwegian commercial bank in existence between 1975 and 1990. It was created as a merger between Bergens Privatbank and Bergens Kreditbank while the bank Kvam Privatbank was acquired in 1979. In 1988 it bought Nevi. Bergen Bank, which was based in Bergen, Norway, merged with Den...
, Norway's third largest bank.