Cultura Sparebank
Encyclopedia
Cultura Sparebank, branded as Cultura Bank, is a Norwegian
savings bank
in the ethical banking
movement that uses its assets on ethical
investments. The bank has offices in Oslo
and has total assets of NOK
370 million (2008).
Cultura's roots date back to an initiative from 1982 from a group of Norwegian anthroposophists
including Sophus Clausen and economics professor Leif Holbæk-Hanssen
, that sought to establish an ethical bank. In 1986, Cultura Lånesamvirke was established, and in 1997, Cultura was granted a full banking license as a savings bank. Cultura is inspired by GLS bank
, the leading anthroposophical ethical bank in Germany.
Cultura Bank offers a range of basic banking products e.g. current accounts with overdraft facilities, loans for new working capital as well as investments loans.
One of the banks projects is the establishment of support accounts where part of the interest rate is transferred to one of the organisations Fremtiden i Våre Hender, World Wildlife Fund, Regnskogfonded, Save the Children
or Kvinne- og Familieforbundet.
One important goal is to find new ways to finance individual initiatives seen as alternatives to mainstream business and government offerings, projects often turned down by other finance institutions.
Owing to alternative ways of collateralising loans, such as using larger groups of guarantors, many good projects rejected by normal banks have materialised. The bank is also active in the public debate, offering information about alternatives to mainstream economic thought.
. From 2009 the activities of MicroInvest is merged into and continued by Cultura Bank’s own Guarantee Fund (CGF) acting in its capacity as an independent trust.
Cultura Bank is looking to expand further and meet the growing demand for ethical banking products. The bank will take on larger projects, not least where the financing of real estate for schools and agriculture is concerned. Cultura Bank has also, since the start up of the bank, been active in the area of small business loans in general. The idea is to assist in the process of establishing local business initiatives, especially to promote the sustainability of local communities. Cultura Bank is looking to further expand its microfinance activities, both with NCN-members and the bank’s own clients.
The bank has issued grunnfondsbevis, but is one of two savings banks in Norway who haven't listed them on Oslo Stock Exchange
.
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
savings bank
Savings bank
A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to...
in the ethical banking
Ethical banking
An ethical bank, also known as a social, alternative, civic, or sustainable bank, is a bank concerned with the social and environmental impacts of its investments and loans. Ethical banks are part of a larger societal movement toward more social and environmental responsibility in the financial...
movement that uses its assets on ethical
Ethics
Ethics, also known as moral philosophy, is a branch of philosophy that addresses questions about morality—that is, concepts such as good and evil, right and wrong, virtue and vice, justice and crime, etc.Major branches of ethics include:...
investments. The bank has offices in Oslo
Oslo
Oslo is a municipality, as well as the capital and most populous city in Norway. As a municipality , it was established on 1 January 1838. Founded around 1048 by King Harald III of Norway, the city was largely destroyed by fire in 1624. The city was moved under the reign of Denmark–Norway's King...
and has total assets of NOK
Norwegian krone
The krone is the currency of Norway and its dependent territories. The plural form is kroner . It is subdivided into 100 øre. The ISO 4217 code is NOK, although the common local abbreviation is kr. The name translates into English as "crown"...
370 million (2008).
Cultura's roots date back to an initiative from 1982 from a group of Norwegian anthroposophists
Anthroposophy
Anthroposophy, a philosophy founded by Rudolf Steiner, postulates the existence of an objective, intellectually comprehensible spiritual world accessible to direct experience through inner development...
including Sophus Clausen and economics professor Leif Holbæk-Hanssen
Leif Holbæk-Hanssen
Leif Holbæk-Hanssen was a Norwegian professor of economics and anthroposophist.He was born in Bergen, Norway, the son of dentist Harald Paul Holbæk-Hanssen and Ingrid Siewers...
, that sought to establish an ethical bank. In 1986, Cultura Lånesamvirke was established, and in 1997, Cultura was granted a full banking license as a savings bank. Cultura is inspired by GLS bank
GLS bank
The GLS Bank is a German bank that was founded in 1974 as an anthroposophical initiative. It was the first bank in Germany that operated with an ethical philosophy. According to GLS Bank, its focus is on cultural, social and ecological initiatives, initiated by people, and not anonymous interests...
, the leading anthroposophical ethical bank in Germany.
Mission
Cultura Bank's mission is to promote projects with a social and ethical quality. Profitability is secondary, but, of course, economic viability of the projects is a prerequisite for financing.Cultura Bank offers a range of basic banking products e.g. current accounts with overdraft facilities, loans for new working capital as well as investments loans.
One of the banks projects is the establishment of support accounts where part of the interest rate is transferred to one of the organisations Fremtiden i Våre Hender, World Wildlife Fund, Regnskogfonded, Save the Children
Save the Children
Save the Children is an internationally active non-governmental organization that enforces children's rights, provides relief and helps support children in developing countries...
or Kvinne- og Familieforbundet.
Loans
Organic agriculture is one important area and includes manufacturing and distribution of natural food. Another large area is education where the bank finances primary and secondary schools as well as university level institutions. Medicine and healthcare is a third large area in the loan portfolio. Cultural activities like free theatre groups and several artists should also be mentioned.One important goal is to find new ways to finance individual initiatives seen as alternatives to mainstream business and government offerings, projects often turned down by other finance institutions.
Owing to alternative ways of collateralising loans, such as using larger groups of guarantors, many good projects rejected by normal banks have materialised. The bank is also active in the public debate, offering information about alternatives to mainstream economic thought.
Microfinance
In 2003 the bank co-funded the foundation MicroInvest to provide microcredits. Since 2005 the bank has acted as the operational arm of MicroInvest, and cooperation has further deepened since 2006 when the bank and MicroInvest jointly became eligible for the guarantee facility of the European Investment FundEuropean Investment Fund
The European Investment Fund, established in 1994, is a European Union agency for the provision of finance to SMEs headquartered in Luxembourg....
. From 2009 the activities of MicroInvest is merged into and continued by Cultura Bank’s own Guarantee Fund (CGF) acting in its capacity as an independent trust.
Cultura Bank is looking to expand further and meet the growing demand for ethical banking products. The bank will take on larger projects, not least where the financing of real estate for schools and agriculture is concerned. Cultura Bank has also, since the start up of the bank, been active in the area of small business loans in general. The idea is to assist in the process of establishing local business initiatives, especially to promote the sustainability of local communities. Cultura Bank is looking to further expand its microfinance activities, both with NCN-members and the bank’s own clients.
History
The bank can trace its roots back to 1986 when Cultura Lånesamvirke was established to promote ethical banking. Through the 1980s and 1990s the bank has merged with a number of domestic lending foundations and funds and was in 1997 made a savings bank.The bank has issued grunnfondsbevis, but is one of two savings banks in Norway who haven't listed them on Oslo Stock Exchange
Oslo Stock Exchange
The Oslo Stock Exchange serves as the main market for trading in the shares of Norwegian companies. It opens at 9:00am and closes 5:30pm local time...
.