Terra Securities

Infobox Company
company_name = Terra Securities ASA
company_
company_type = Subsidiary
foundation = 1997
location = Oslo, Norway
key_people = Svein Erik Nordang (CEO)
Gabriel Block-Watne (Chairman)
area_served = Norway
industry = Financial services
products =
revenue =
operating_income = NOK 384 million
net_income = NOK 179 million
num_employees = 63 (2007)
parent = Terra Markets
subsid =
homepage = [http://www.terra.as www.terra.as]
footnotes =

Terra Securities ASA was a Norwegian security company that sold various financial instruments, index options, hedge funds and other investment securities through 78 local savings banks that are members of Terra-Gruppen. In 2006 it had a market share of 1.92 % on Oslo Stock Exchange, rating it as the 21st largest of 49 security companies in Norway. The company was a subsidiary of Terra Markets that is owned 66.73% by Terra-Gruppen and the rest by the company management.

In 2007 the company was hit by the Terra Securities scandal that after having misinformed eight municipalities in Norway as to the risk of their investments. On November 28, 2007 the company filed for bankruptcy after the Financial Supervisory Authority of Norway had stripped Terra Securities of its brokerage license. [cite web |url=http://www.aftenposten.no/english/local/article2124660.ece |title=Terra Securities bankrupt |author=Aftenposten (English edition) |date=2007-11-28]

References