Bank Norwegian Explained

Bank Norwegian – a branch of NOBA Bank Group
Native Name:Bank Norwegian, en filial av NOBA Bank Group AB (publ)
Type:Privately held company
Founded:2007
Hq Location:Fornebu, Norway
Area Served:Norway
Sweden
Finland
Denmark
Germany
Spain
Key People:Mats Benserud (Branch manager)
Industry:Bank
Products:Consumer loan, deposit and credit card
Revenue: NOK 1,5 billion (2015)[1]
Net Income: NOK 539 million (2015)
Assets: NOK 17,5 billion (2015)
Equity: NOK 1,7 billion (2015)
Num Employees:160 (2022)
Parent:NOBA Bank Group AB (publ)

Bank Norwegian is a Norwegian digital bank which provides loans, credit cards and savings accounts to consumers.[2] The company was founded in November 2007 and is headquartered at Fornebu, Norway and have customers in Norway, Sweden, Denmark, Finland, Germany and Spain. Bank Norwegian cooperates with Norwegian Air Shuttle ASA on their loyalty program available in selected markets. in 2021, the bank has more than 1,7 million customers in total.[3]

History

In May 2007, Norwegian announced that they planned to enter the banking sector, with Erik Jensen as CEO of the new company, Bank Norwegian. Mr. Jensen was previously CEO of yA Bank og Forsikring AS (yA Bank and Insurance).[4] In September 2007, Bank Norwegian received a commercial bank operating license from the Norwegian Ministry of Finance.[5] In October 2007 Norwegian announced that they planned to start a combined credit and bonus card program (Norwegian Reward) with up to 20% bonus for international flights and 1% of the purchase price on all credit purchases.[6] The bank began providing services in Sweden in May 2013[7] and in Denmark and Finland in December 2015.[1] On 19 August 2019, Bank Norwegian's parent company Bank Norwegian ASA (Previously Norwegian Finans Holding ASA[8]) announced that Norwegian Air Shuttle had sold its entire shareholding in the company to Cidron Xingu Limited. Bank Norwegian was enlisted on the Oslo Stock Exchange from 17th of June 2016.

In November 2021, Nordax Bank AB completed acquisition of Bank Norwegian after a bidding process,[9] [10] and the company was delisted from Oslo Stock Exchange on 15th of November 2021.[11] On November 30, the merger between the two banks was completed.[12]

References

  1. Web site: Annual Report 2015 Norwegian Finans Holding ASA. Norwegian Finans Holding ASA. 2016-05-20. https://web.archive.org/web/20170510104904/https://www.banknorwegian.no/Documents/NO/Annual_Report_2015_Norwegian_Finans_Holding_ASA.pdf. 2017-05-10. dead.
  2. Web site: Nøkkelopplysninger fra Enhetsregisteret - Brønnøysundregistrene. 2021-11-15. w2.brreg.no.
  3. Web site: Bank Norwegian - Forbrukslån, kredittkort, forsikringer og spareprodukter. 2021-11-15. www.banknorwegian.no. nb.
  4. Web site: Norwegian gir kundene bank. NRK. NRK. 2016-05-16.
  5. Web site: Bank Norwegian AS gis tillatelse til å drive virksomhet som forretningsbank. Finansdepartementet. 2007-09-19. Regjeringen.no. no. 2016-05-16.
  6. Web site: How To Earn Free Flights With Norwegian. www.lifeinnorway.net. en-US. 2018-05-02.
  7. Web site: Svindal og Kjos starter bank i Sverige. Brakstad. Tommy H. S.. Nettavisen. 2016-05-16.
  8. Web site: Norwegian Finans Holding ASA. 2021-07-16. Norwegian Finans Holding ASA: Information regarding intragroup merger and listing of Bank Norwegian ASA. 2021-11-15. GlobeNewswire News Room. en.
  9. Web site: Nordax Group press release. 2021-09-30. Receipt of SFSA approvals and accordingly the satisfaction of all regulatory approvals required to complete the recommended voluntary cash offer for all shares in Bank Norwegian ASA. 2022-03-04. Nordax Group. en.
  10. Web site: Nordax Group press release. 2022-02-28. Year-end Report January–December 2021 Nordax Bank AB. 2022-03-04. Nordax Group. en.
  11. Web site: MFN.se. 2021-11-10. Bank Norwegian ASA - Delisting. 2022-03-04. MFN.se. en.
  12. Web site: Successful merger . 2022-12-15 . Mynewsdesk . en.

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