Sparebankstiftelsen DnB NOR
Encyclopedia
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 savings banks which are now part of DnB NOR. The foundation may allocate up to 25% of the paid dividends to charity, with the purpose of continuing the savings banks' tradition of giving monetary gifts to non-profit causes. The board of the foundation is elected among all the customer
s of DnB NOR.
In addition to giving direct financial contributions, the Savings Bank Foundation invests in causes that benefit the general public. In 2005, they founded the instrument fund, dextra Musica, with the aim to promote classical music. The fund owns a valuable collection of string instruments which have been placed at the disposal of Norwegian musicians. Furthermore, the foundation invests in fine art which is being exhibited at art museums in Norway.
s Sparebanken NOR
(bank
) and Gjensidige
(insurance
) merged to Gjensidige NOR
and in 2002 became a public limited company
and listed on Oslo Stock Exchange
. The foundation was created to own part of the company to continue the tradition that the customers of savings bank's own part of the bank. When Gjensidige NOR
merged with Den norske Bank
in 2003 to form DnB NOR
in 2003 the company retained an ownership in the newly created company.
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...
foundation
Foundation (charity)
A foundation is a legal categorization of nonprofit organizations that will typically either donate funds and support to other organizations, or provide the source of funding for its own charitable purposes....
. The foundation gives financial contributions to a wide range of charitable causes, and is the second largest shareholder of the financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
company
Company
A company is a form of business organization. It is an association or collection of individual real persons and/or other companies, who each provide some form of capital. This group has a common purpose or focus and an aim of gaining profits. This collection, group or association of persons can be...
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 foundation's capital is a result of accumulated profits from the former savings banks which are now part of DnB NOR. The foundation may allocate up to 25% of the paid dividends to charity, with the purpose of continuing the savings banks' tradition of giving monetary gifts to non-profit causes. The board of the foundation is elected among all the customer
Customer
A customer is usually used to refer to a current or potential buyer or user of the products of an individual or organization, called the supplier, seller, or vendor. This is typically through purchasing or renting goods or services...
s of DnB NOR.
In addition to giving direct financial contributions, the Savings Bank Foundation invests in causes that benefit the general public. In 2005, they founded the instrument fund, dextra Musica, with the aim to promote classical music. The fund owns a valuable collection of string instruments which have been placed at the disposal of Norwegian musicians. Furthermore, the foundation invests in fine art which is being exhibited at art museums in Norway.
History
The foundation was created when the two savings bankSavings 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
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 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
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
) merged to 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...
and in 2002 became a 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 listed 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...
. The foundation was created to own part of the company to continue the tradition that the customers of savings bank's own part of the bank. When 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...
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...
in 2003 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...
in 2003 the company retained an ownership in the newly created company.