SpareBank 1 is a Norwegian alliance and brand name for a group of savings banks. The alliance is organised through the holding company SpareBank 1 Gruppen AS 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 groups' 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%).
History
In 1996 the original members of the alliance, Sparebanken SMN, Sparebanken Nord-Norge, Sparebanken Rogaland and Sparebanken Vest 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 Securities.
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.
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Union Bank of Norway branded as Sparebanken NOR was Norway's largest savings bank between 1990 and 1999. The bank was created as a merger between Sparebanken ABC and four other regional savings banks. The new bank had its headquarters in Oslo and was in existence until 1999 when it merged with Gjensidige to form Gjensidige NOR. Today the bank is part of DnB NOR.
Sparebanken ABC, sometimes branded as ABC Bank, was a Norwegian savings bank based in Oslo, in existence between 1985 and 1990. The bank was a merger between Sparebanken Oslo/Akershus as Christiania Sparebank) and Fellesbanken. The bank lasted until 1990 when it merged with four other savings banks in Eastern Norway to create Sparebanken NOR. The bank is now part of DnB NOR after Sparebanken NOR merged with Gjensidige to create Gjensidige NOR in 1999 and Gjensidige NOR merged with Den norske Bank in 2003 to create DnB NOR.
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Eika Gruppen, formerly Terra-Gruppen, branded as Terra is a strategic alliance among 77 local Norwegian savings banks that co-ordinates work within the areas defined as falling within the alliance. The group supplies competitive products and services to banks and other actors within the financial sector. The services of Eika include joint solutions for product development, procurement of services and products relating to information technology and payment processing, project management, training and expertise development. The financial companies provides a wide range of financial products, including securities, insurance and real estate agencies, financing and debit cards and credit cards. The alliance has its headquarters in Oslo, Norway, and the ownerbanks has a total assets of NOK 250 billion.
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SpareBank 1 Østlandet is the fourth largest Norwegian savings bank and is based in eastern Norway. The bank´s major market is in the counties of Innlandet, Oslo and Viken. The company head office is situated in Hamar, and the bank has 37 branches in its market area. SpareBank 1 Østlandet is part of the SpareBank 1 alliance.
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Sparebanken Sogn og Fjordane (SSF) is the largest bank in the county of Sogn og Fjordane, with total assets of NOK 32 billion and 310 employees. The bank has 23 branches in the county and is present in 21 of the county’s 26 municipalities. It also has a branch in Bergen. The head office is located in Førde in Sunnfjord.
Sparebanken Sør is a savings bank based in Kristiansand, Norway. Sparebanken Sør´s main market is located in the counties of Aust-Agder, Vest-Agder and Telemark.
Tromsø Sparebank was a savings bank based in Tromsø, Norway. It was established in 1836 and merged with Sparebanken Nord in 1989 to form Sparebanken Nord-Norge. The bank established a branch in Longyearbyen in 1959.
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Aurskog Sparebank is a Norwegian savings bank, headquartered in Aurskog, Norway. The banks main market is the Romerike district of Akershus. The banks equity certificates was listed on Oslo Stock Exchange in 1998.
