Sparebank 1
Encyclopedia
SpareBank 1 is a Norwegian
alliance
and brand name for savings bank
. The alliance is organised through the company SpareBank 1 Gruppen AS that is owned by the participating banks. In total the alliance is Norway's second largest bank with total assets of NOK
625 billion, 352 branches and 6300 employees. The alliance has its head office in Oslo
, Norway. The banks in the SpareBank 1 Alliance distribute SpareBank 1 Gruppen’s products and collaborate in key areas such as brands, work processes, expertise development, IT operations and system development.
Companies in the group include the mutual fund
company ODIN Forvaltning, the life insurance company SpareBank 1 Livsforsikring, the insurance company SpareBank 1 Skadeforsikring, the credit card
company SpareBank 1 Medlemskort, SpareBank 1 Utvikling, the commercial bank
Bank 1 Oslo, the car finance company SpareBank 1 Bilplan (19.9%) and the securities
company First Securities (24.5%).
(12%), SpareBank 1 SMN (19.5%), SpareBank Nord-Norge (19.5%) and SpareBank 1 SR-Bank (19.5%) all own part of the company directly while the remaining banks own through Samarbeidende Sparebanker AS (19.5%). The labor union Landsorganisasjonen (10%) also has an ownership in the company.
SpareBank 1 Nord-Norge, SpareBank 1 SMN, SpareBank 1 SR-Bank, Sparebanken Hedmark, Rygge-Vaaler Sparebank, SpareBank 1 Hallingdal, SpareBank 1 Buskerud-Vestfold, SpareBank 1 Gudbrandsdal, SpareBank 1 Ringerike Hadeland, SpareBank 1 Nordvest, Halden SpareBank 1, SpareBank 1 Telemark, Modum SpareBank 1, SpareBank 1 Lom og Skjåk, SpareBank 1 Nøtterøy og Tønsberg, SpareBank 1 Volda Ørsta, SpareBank 1 Hardanger, SpareBank 1 Kvinnherad, SpareBank 1 Oslo og Akershus, og BNbank
founded the alliance, at first (but never branded) as Sparebankgruppen. The same year the company bought the life insurance
company DAVID Livsforsikring, now SpareBank 1 Livsforsikring, in addition to part of the mutual fund
company ODIN Forvaltning, now wholly owned by SpareBank 1. In 1997 the alliance of small savings banks Samarbeidende Sparebanker.
In 1998 the Swedish
bank FöreningsSparbanken (now Swedbank
) purchased 24% of the company. The same year Sparebank 1 established a credit card
company followed in 1999 with the establishment of the real estate agent EiendomsMegler 1. The company also buys part of First Secturities.
The same year SpareBank 1 purchased VÅR Bank from the labour union Landsorganisasjonen (LO). This bank was renamed Bank 1 Oslo, with branches in Oslo and Akershus
while other branches of the bank were taken over by other alliance members. LO acquired at the same time 10% of the stocks in SpareBank 1.
In 2003 the first major member of the alliance leaves when Sparebanken Vest sells its shares. In 2006 Sparebanken Hedmark entered the group, while FöreningsSparbanken sold its shares.
football team Viking F.K.
. The Sparebank 1 logo can be found across the top of the shirt, on the back.
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...
alliance
Business alliance
A business alliance is an agreement between businesses, usually motivated by cost reduction and improved service for the customer. Alliances are often bounded by a single agreement with equitable risk and opportunity share for all parties involved and are typically managed by an integrated project...
and brand name for savings bank
Savings bank
A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to...
. The alliance is organised through the company SpareBank 1 Gruppen AS that is owned by the participating banks. In total the alliance is Norway's second largest bank with total assets of NOK
Norwegian krone
The krone is the currency of Norway and its dependent territories. The plural form is kroner . It is subdivided into 100 øre. The ISO 4217 code is NOK, although the common local abbreviation is kr. The name translates into English as "crown"...
625 billion, 352 branches and 6300 employees. The alliance has its head office 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...
, Norway. The banks in the SpareBank 1 Alliance distribute SpareBank 1 Gruppen’s products and collaborate in key areas such as brands, work processes, expertise development, IT operations and system development.
Companies in the group include the mutual fund
Mutual fund
A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
company ODIN Forvaltning, the life insurance company SpareBank 1 Livsforsikring, the insurance company SpareBank 1 Skadeforsikring, the credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
company SpareBank 1 Medlemskort, SpareBank 1 Utvikling, the commercial bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
Bank 1 Oslo, the car finance company SpareBank 1 Bilplan (19.9%) and the securities
Security (finance)
A security is generally a fungible, negotiable financial instrument representing financial value. Securities are broadly categorized into:* debt securities ,* equity securities, e.g., common stocks; and,...
company First Securities (24.5%).
Member banks
SpareBank 1 Gruppen is owned by the participating banks. Sparebanken HedmarkSparebanken Hedmark
Sparebanken Hedmark is a Norwegian savings bank based in the county of Hedmark, the company head office is in Hamar. The bank is present in 20 out of 22 municipalities - 27 offices in Hedmark.The bank has some 165,000 customers...
(12%), SpareBank 1 SMN (19.5%), SpareBank Nord-Norge (19.5%) and SpareBank 1 SR-Bank (19.5%) all own part of the company directly while the remaining banks own through Samarbeidende Sparebanker AS (19.5%). The labor union Landsorganisasjonen (10%) also has an ownership in the company.
SpareBank 1 Nord-Norge, SpareBank 1 SMN, SpareBank 1 SR-Bank, Sparebanken Hedmark, Rygge-Vaaler Sparebank, SpareBank 1 Hallingdal, SpareBank 1 Buskerud-Vestfold, SpareBank 1 Gudbrandsdal, SpareBank 1 Ringerike Hadeland, SpareBank 1 Nordvest, Halden SpareBank 1, SpareBank 1 Telemark, Modum SpareBank 1, SpareBank 1 Lom og Skjåk, SpareBank 1 Nøtterøy og Tønsberg, SpareBank 1 Volda Ørsta, SpareBank 1 Hardanger, SpareBank 1 Kvinnherad, SpareBank 1 Oslo og Akershus, og BNbank
History
In 1996 the original members of the alliance, Sparebanken SMN, Sparebanken Nord-Norge, Sparebanken Rogaland and Sparebanken VestSparebanken Vest
Sparebanken Vest is the third largest savings bank in Norway, and the country's second oldest bank. Its predecessor, Bergens Sparebank, was established in 1823. The main offices lie in Bergen, though the bank has branches throughout Hordaland, Sogn og Fjordane and Rogaland. Sparebanken Vest was...
founded the alliance, at first (but never branded) as Sparebankgruppen. The same year the company bought the life insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
company DAVID Livsforsikring, now SpareBank 1 Livsforsikring, in addition to part of the mutual fund
Mutual fund
A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
company ODIN Forvaltning, now wholly owned by SpareBank 1. In 1997 the alliance of small savings banks Samarbeidende Sparebanker.
In 1998 the Swedish
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
bank FöreningsSparbanken (now Swedbank
Swedbank
Swedbank AB is a leading Nordic-Baltic banking group with 9.5 million retail customers and 534,000 corporate customers in Sweden, Estonia, Latvia, and Lithuania. In Sweden, the group has 377 branches. In the Baltic countries, it has another 224 branches...
) purchased 24% of the company. The same year Sparebank 1 established a credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
company followed in 1999 with the establishment of the real estate agent EiendomsMegler 1. The company also buys part of First Secturities.
The same year SpareBank 1 purchased VÅR Bank from the labour union Landsorganisasjonen (LO). This bank was renamed Bank 1 Oslo, with branches in Oslo and Akershus
Akershus
- Geography :The county is conventionally divided into the traditional districts Follo and Romerike, which fill the vast part of the county, as well as the small exclave west of Oslo that consists of Asker and Bærum...
while other branches of the bank were taken over by other alliance members. LO acquired at the same time 10% of the stocks in SpareBank 1.
In 2003 the first major member of the alliance leaves when Sparebanken Vest sells its shares. In 2006 Sparebanken Hedmark entered the group, while FöreningsSparbanken sold its shares.
Sponsorships
Sparebank 1 sponsor the Norwegian TippeligaenTippeligaen
Tippeligaen is a Norwegian professional league for association football clubs. At the top of the Norwegian football league system, it is the country's primary football competition. The league is also unofficially known under its neutral name Eliteserien , although the name has never been official...
football team Viking F.K.
Viking F.K.
Viking Fotballklubb is a Norwegian football club from the city of Stavanger. The club was founded in 1899 as football was becoming increasingly popular...
. The Sparebank 1 logo can be found across the top of the shirt, on the back.