Gjensidige NOR
Encyclopedia
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 bank
s Sparebanken NOR
(bank) and Gjensidige
(insurance) were merged in 1999. In 2002 Norwegian savings banks were allowed to become public limited company
and was listed on the Oslo Stock Exchange
. In 2003 the company was merged with Den norske Bank
to form DnB NOR
, while the original insurance company Gjensidige was demerged and again became a separate company in 2005.
When the company was made a public limited company, there was created a foundation that was to own part of the corporation. This foundations still exists as Sparebankstiftelsen DnB NOR
and owns 10.95% of DnB NOR. After the demerger Gjensidige has become a self-owning institution
.
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
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
and insurance company that was in existence between 1999 and 2003. The company was created when the two 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...
s Sparebanken NOR
Sparebanken NOR
Union Bank of Norway branded as Sparebanken NOR was Norway's largest savings bank between 1990 and 1999. The bank was created as a merger between Sparebanken ABC and four other regional savings banks. The new bank had its headquarters in Oslo and was in existence until 1999 when it merged with...
(bank) and Gjensidige
Gjensidige
Gjensidige Forsikring ASA is a Norwegian insurance company. Though the company has roots back to 1689 when the fire treasury at Nes was founded, Gjensidige in its present form was founded in 2003 when the insurance division of Gjensidige NOR was not made part of its merger with Den norske Bank...
(insurance) were merged in 1999. In 2002 Norwegian savings banks were allowed to become public limited company
Public limited company
A public limited company is a limited liability company that sells shares to the public in United Kingdom company law, in the Republic of Ireland and Commonwealth jurisdictions....
and was 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 2003 the company was merged with Den norske Bank
Den norske Bank
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...
to form 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...
, while the original insurance company Gjensidige was demerged and again became a separate company in 2005.
When the company was made a public limited company, there was created a foundation that was to own part of the corporation. This foundations still exists as Sparebankstiftelsen DnB NOR
Sparebankstiftelsen DnB NOR
Sparebankstiftelsen DnB NOR is a Norwegian foundation. The foundation gives financial contributions to a wide range of charitable causes, and is the second largest shareholder of the financial services company DnB NOR. The foundation's capital is a result of accumulated profits from the former...
and owns 10.95% of DnB NOR. After the demerger Gjensidige has become a self-owning institution
Sparebank
Sparebank is a Norwegian savings bank without external owners. The Norwegian sparebanks are a separate type of juridical entity that differ from commercial banks. There are a total of 123 savings banks in Norway.- History :...
.