Den norske Bank
Encyclopedia
Den norske Bank or DnB was a Norwegian
bank that existed between 1990 and 2003 when it merged with Gjensidige NOR
to form the present DnB NOR
. The bank's headquarters were in Bergen
, Norway.
DnB was created as a merger between Bergen Bank
and Den norske Creditbank
in 1990 after a major downturn
in the economy, especially affecting the banks, who lost vast amounts of money due to misheld loans and falling housing prices. The state held a majority ownership in the bank in addition to its being listed on the Oslo Stock Exchange
. In 1996, DnB bought Vital Forsikring
and in 1999 it merged with Postbanken
.
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...
bank that existed between 1990 and 2003 when it merged with Gjensidige NOR
Gjensidige NOR
Gjensidige NOR was a Norwegian bank and insurance company that was in existence between 1999 and 2003. The company was created when the two savings banks Sparebanken NOR and Gjensidige were merged in 1999. In 2002 Norwegian savings banks were allowed to become public limited company and was...
to form the present DnB NOR
DnB NOR
DNB ASA is Norway's largest financial services group with total combined assets of more than NOK 2.0 trillion and a market capitalisation NOK 102 billion as per December the 31st. The Group includes brands such as DNB, Vital, Nordlandsbanken, Cresco, Postbanken, DnB NORD and Carlson...
. The bank's headquarters were in Bergen
Bergen
Bergen is the second largest city in Norway with a population of as of , . Bergen is the administrative centre of Hordaland county. Greater Bergen or Bergen Metropolitan Area as defined by Statistics Norway, has a population of as of , ....
, Norway.
DnB was created as a merger between Bergen Bank
Bergen Bank
Bergen Bank was a Norwegian commercial bank in existence between 1975 and 1990. It was created as a merger between Bergens Privatbank and Bergens Kreditbank while the bank Kvam Privatbank was acquired in 1979. In 1988 it bought Nevi. Bergen Bank, which was based in Bergen, Norway, merged with Den...
and Den norske Creditbank
Den norske Creditbank
Den norske Creditbank or DnC is a defunct Norwegian commercial bank created in 1857. In 1990 it merged with Bergen Bank to create Den norske Bank...
in 1990 after a major downturn
Recession
In economics, a recession is a business cycle contraction, a general slowdown in economic activity. During recessions, many macroeconomic indicators vary in a similar way...
in the economy, especially affecting the banks, who lost vast amounts of money due to misheld loans and falling housing prices. The state held a majority ownership in the bank in addition to its being listed on the 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...
. In 1996, DnB bought Vital Forsikring
Vital Forsikring
Vital Forsikring ASA, branded as Vital is Norway's largest life insurance and pension insurance company, and part of the DnB NOR Group. Though Vital has roots back to 1847, it was created in its present form by a merger between Vital and Gjensidige NOR's life insurance section after the mother...
and in 1999 it merged with Postbanken
Postbanken
Postbanken is a Norwegian bank that is part of the DnB NOR Group. The bank offers its services through the Norwegian post offices.-History:...
.