Sparebank 1

Infobox Company
company_name = SpareBank 1
company_
company_type = Private
foundation = 1996
location = Oslo, Norway
key_people = Eldar Mathisen (CEO)
area_served = Norway
industry = Banking
products =
revenue =
operating_income =
net_income =
num_employees = 4,700 (2006)
parent =
subsid =
homepage = [http://www.sparebank1.no www.sparebank1.no]
footnotes =

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 third largest bank with total assets of NOK 300 billion, 340 branches and 4700 employees. The alliance has its head office in Oslo, Norway. The alliance's main purposes are supplementing the banks with securities and insurance as well as a technological platform.

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%).

Member banks

SpareBank 1 Gruppen is owned by the participating banks. Sparebanken Hedmark (12%), Sparebanken Midt-Norge (19.5%), Sparebanken Nord-Norge (19.5%) and Sparebanken Rogaland (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 while the group itself ownes Bank 1 Oslo.

In addition to the member banks, Sparebanken Vest and Sparebanken Pluss sell products from SpareBank 1.

"Banks marked SS are part of Samarbeidende Sparebanker."

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 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.

ponsorships

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

External links

* [http://www.sparebank1.no SpareBank 1 web site]