Nevi was a

Bergen Bergen (), historically Bjørgvin, is a city and municipality in Vestland county on the west coast of Norway. , its population is roughly 285,900. Bergen is the second-largest city in Norway. The municipality covers and is on the peninsula of ...

Norway Norway, officially the Kingdom of Norway, is a Nordic country in Northern Europe, the mainland territory of which comprises the western and northernmost portion of the Scandinavian Peninsula. The remote Arctic island of Jan Mayen and t ...

-based financial company. Owned by Vital, it experienced a rapid growth during the 1980s, before nearly going bankrupt and being taken over by

Bergen Bank Bergen Bank was a Norwegian commercial bank in existence between 1975 and 1990. It was created as a merger between Bergens Privatbank (founded in 1855) and Bergens Kreditbank (founded in 1928) while the bank Kvam Privatbank was acquired in 1979. ...

in 1988. The company experienced a boom starting in 1980, when it had total assets of 1.4 billion

Norwegian krone The krone (, abbreviation: kr (also NKr for distinction); code: NOK), plural ''kroner'', is currency of the Kingdom of Norway (including Svalbard). Traditionally known as the Norwegian crown in English. It is nominally subdivided into 100 ''� ...

(NOK). By 1982 it had reached NOK 3.5 billion, by 1984 NOK 8.5 billion, and peaked at NOK 15.9 billion in 1986.Imset and Stavrum (1993): 123 The company established itself in

Denmark ) , song = ( en, "King Christian stood by the lofty mast") , song_type = National and royal anthem , image_map = EU-Denmark.svg , map_caption = , subdivision_type = Sovereign state , subdivision_name = Danish Realm, Kingdom of Denmark ...

in 1982 and bought Staten Bank Holland in 1984. The following year it established the subsidiary Sleipnir UK and bought the British Baltic PLC, and bought the Danish stock broker firm Erik Møller Eftf. After profits from 1980 through 1985, the company started having losses in 1986. In 1987 the company lost large sums in the bankruptcy of VIP Scandinavia, then the company closed its operations in

Britain Britain most often refers to: * The United Kingdom, a sovereign state in Europe comprising the island of Great Britain, the north-eastern part of the island of Ireland and many smaller islands * Great Britain, the largest island in the United King ...

and

the Netherlands ) , anthem = ( en, "William of Nassau") , image_map = , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of the Netherlands , established_title = Before independence , established_date = Spanish Netherl ...

. That year the company had a loss of NOK 597.6 million. In 1988, it was Scandinavia's largest financing company with operations in Norway,

Sweden Sweden, formally the Kingdom of Sweden,The United Nations Group of Experts on Geographical Names states that the country's formal name is the Kingdom of SwedenUNGEGN World Geographical Names, Sweden./ref> is a Nordic country located on ...

, Denmark,

Iceland Iceland ( is, Ísland; ) is a Nordic island country in the North Atlantic Ocean and in the Arctic Ocean. Iceland is the most sparsely populated country in Europe. Iceland's capital and largest city is Reykjavík, which (along with its s ...

and the Netherlands. It had a total assets of NOK 14 billion, half of which was short-term loans in the

money market The money market is a component of the economy that provides short-term funds. The money market deals in short-term loans, generally for a period of a year or less. As short-term securities became a commodity, the money market became a compon ...

. To pay for the defaults, Vesta lent Nevi NOK 960 million in 1987 and 1988. This caused Vesta to stand at the verge of bankruptcy and to secure sufficient liquidity had to sell Nevi.Imset and Stavrum (1993): 121 Nevi was thus bought by the largest creditor, Bergen Bank, for NOK 1.5 billion, of fear of the losses they would have if the company file for bankruptcy.

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{{reflist Defunct companies of Norway Companies disestablished in 1988 1988 disestablishments in Norway Companies based in Bergen Companies with year of establishment missing