Council likely to appeal DNB ruling

The head of Norway’s Consumer Council (Forbrukerrådet) called it “a sad day for people saving money in funds,” when the Oslo City Court ruled against its class-action claim that Norway’s biggest bank, DNB, had wrongfully managed its fund customers’ money. Now the council looks likely to appeal. “There’s a lot in this verdict that suggests […]

Customers battle DNB in court

Norway’s biggest bank, DNB, has landed in more trouble with angry customers. Not only did DNB have to start defending itself Monday against the largest class-action lawsuit ever filed in Norway, it’s also losing customers who found out the bank hasn’t completely severed ties to the controversial Dakota Access Pipeline project in the US after […]

Nordea to cut jobs in Norway, too

Nordic finance and banking group Nordea’s decision to cut as many as 6,000 jobs is likely to lead to job losses in Norway as well as in Denmark, Sweden and Finland. The exact number remained unclear Thursday, after Nordea announced that many of its employees will need to find something else to do. “There will […]

Loan demand falls with housing sales

Construction cranes remain a common sight in the Norwegian capital, but homebuilders have seen a dramatic sales decline in recent months and home loan demand has also fallen. Norwegian banks are reporting the biggest fall in lending inquiries since 2010, and some may trim interest rates to levels even lower than they are now. As […]

Mobilepay pulls out of Norway

The Danish mobile payment service Mobilepay, established by Danske Bank, is pulling out of Norway after major bank Nordea opted to give it up in favour of DNB’s Vipps service. Newspaper Dagens Næringsliv (DN) reported that only 3,000 of Nordea’s roughly 1 million customers had downloaded Mobilepay. The Danish service can claim around 3.8 million […]

‘Error’ disrupted banking and post

Millions of bank customers in Norway were unable to bank online, withdraw money from automated teller machines or use their bank cards for point of sale purchases on Friday. The large company responsible for their banks’ technical services, Evry, was down for the count again, and other Evry customers were hit as well including Telenor […]

US pipeline opponents back in Oslo

A group of North American women representing the indigenous groups fighting construction of disputed pipeline projects in the US and Canada have been back in Oslo this week. They’re urging Norwegian politicians and financiers to cut all ties to the projects, but Norway’s sovereign wealth fund known as the Oil Fund was non-committal. Norwegian Broadcasting […]

Tax havens lose their attraction

Norwegians who’ve stashed wealth abroad, to avoid paying taxes on it, are about to lose the anonymity of tax havens they once enjoyed. Banks in more than 100 countries including Norway are starting to exchange account information that reveal holdings their owners wanted to keep secret.  Norwegian tax director Hans Christian Holte warns that by […]

Trouble plagues DNB’s mobile payment system

DNB’s much-vaunted “Vipps” system, which allows users to pay for goods and services via their mobile phones, was out of service on Friday and bank officials couldn’t say when it would be up and running again.  “Some of our customers experienced earlier today that transactions were being doubled,” the bank reported on its Facebook page. That […]

‘Dramatic’ fall in real estate prices

The cost of housing is still high in Norway, but brokers report another decline in prices for the month of June that’s been described as “dramatic.” Prices fell the most in Oslo, where they’ve been highest and where supply has jumped while demand has fallen because of tougher financing requirements. The national real estate brokers’ […]