Huge suit against DNB can proceed

Norway’s consumer council (Forbrukerrådet) won a green light on Friday to move foward with a massive class-action lawsuit against Norway’s biggest bank, DNB. The council, on behalf of DNB customers, is demanding that the highly profitable state-controlled bank refund NOK 690 million in fees charged on its investment funds. “We are happy and relieved,” Jorge Jensen, […]

Cash survives, in new updated style

Serious, official efforts to turn Norway into a cashless society have been put on ice, just in time for the country’s central bank to roll out its much-hyped new currency in updated syle. Norges Bank has been making it clear that Norwegian currency will remain legal tender, despite tax authorities’ and some politicians’ efforts to do […]

Banks set up ‘digital defense center’

Nordic banks have agreed to mount a common front against cyber attacks, in the form of what they’re calling a “digital defense center” based in Oslo. The effort will build on the Norwegian finance industry’s competence center, Finans-CERT. It was established by the banking and insurance companies’ trade association Finans Norge in 2012 to help defend the […]

Government acts to curb consumer debt

Norway’s conservative government coalition, alarmed by the growth of consumer debt in the country, followed through this week on plans to curb it. Three ministries acted together to present stricter regulations, establishment of a debt register and monthly billings that clearly show a customers’ total debt. Finance Minister Siv Jensen is especially cracking down on what she […]

Oil Fund asked to dump pipeline, coal

The president of Norway’s Sami Parliament (Sametinget) accompanied women from the Standing Rock Sioux Tribe to a meeting in Oslo this week, where they appealed to the Ethics Council that oversees the investments of Norway’s huge Oil Fund. They want the Oil Fund, which is under coal scrutiny as well, to dump its stakes in the three companies behind […]

DNB pulls out of Dakota Pipeline

Norway’s biggest bank, DNB, has responded to public protests and political criticism over its involvement in the highly controversial Dakota Access Pipeline project in the US, by pulling out of the project entirely. Attention has now turned to whether Norway’s Oil Fund will do the same thing. “We have learned a lot from this issue,” said […]

DNB customers suffered more online banking trouble

Norway’s largest bank, DNB, had another breakdown in its online banking and mobile payments systems on Monday. Customers were unable to long in, for the sixth time in the past month. It was just last week that DNB suffered one of its longest online banking breakdowns, with its systems were out of order for most of […]

DNB hit by more systems failure

UPDATED: All systems were far from “go” at Norway’s biggest bank, DNB, on Thursday. For the second time in a week, DNB had to admit that its online banking was not functioning, nor was its new much-hyped mobile payment system called Vipps, and they weren’t up and running again until late in the afternoon. DNB’s frustrated customers […]

DNB’s troubles cut into CEO’s bonus

Rune Bjerke, chief executive of Norway’s largest bank DNB, has had his annual bonus trimmed by more than 10 percent after a year of controversies that hurt the bank’s reputation. Bjerke still received nearly NOK 2 million on top of his annual salary and benefits, but that was NOK 322,000 less than in 2015. Newspaper […]

Banks team up on new mobile pay system

Around 100 Norwegian banks have joined forces with Norway’s largest bank, DNB, to use DNB’s new mobile payment system known as Vipps. Among them are the SpareBank1 alliance and several other small savings banks, which will become minority owners of the system DNB recently developed to pay via mobile phones. Newspaper Dagens Næringsliv (DN) reported that […]