Savings banks in Norway
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Sparebank is a type of Norwegian
cooperative banks. As of 2022[update]
, there were a total of 123 savings banks in Norway.
History
The first savings bank was created in 1822, and in the following 75 years savings banks were set up in most municipalities of Norway. The banks had both a savings upbringing function for the commoners (so they did not have to burden society when they got sick and old) and served an important part in local communities development and self-financing.
Historically the savings banks concentrated on private customers, combined with small businesses and the
DnB NOR while the rest of it returned to the savings bank form, becoming Gjensidige
.
Traditionally the savings banks have had a strong local foundation, and a goal for the municipalities was often to have their own savings bank. After
Terra-Gruppen. Since most of the small commercial banks have been merged or bought by the large Nordic finance groups (DNB, Nordea, Danske Bank, etc., the savings banks remain as the last bit of decentralised banking in Norway. All savings banks are members of the Norwegian Savings Banks Association
.
See also
- Mutual savings bank
- Cooperative bank
- Banking in Norway