SpareBank 1

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.

Member banks

SpareBank 1 Gruppen is owned by the participating banks. Sparebanken Hedmark (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 (19.5%). The labor union Landsorganisasjonen (10%) also has an ownership in the company.

Samarbeidende Sparebanker consists of:
* SpareBank 1 Buskerud-Vestfold
* SpareBank 1 Østfold Akershus
*SpareBank 1 Hallingdal
*SpareBank 1 Gudbrandsdal
* SpareBank 1 Ringerike Hadeland
*SpareBank 1 Nordvest
* SpareBank 1 Nøtterøy–Tønsberg
*SpareBank 1 Telemark
*SpareBank 1 Lom og Skjå
*SpareBank 1 Søre Sunnmøre

Other associates:
*Rygge-Vaaler Sparebank
*BNbank

Sponsorships

Sparebank 1 sponsors the Norwegian Tippeligaen football team Viking F.K. The Sparebank 1 logo can be found on the back across the top of the shirt.

External links

SpareBank 1 web site

{{Authority control

Banking in Norway
Companies based in Oslo
Organizations established in 1996
Banking organizations
1996 establishments in Norway