Stoltenberg asked to stay on at NATO

Norway’s finance ministry may have found a perfect way out of the uncomfortable situation that’s arisen around its looming choice of a new central bank chief. It could save face not only for a former prime minister and NATO boss, Jens Stoltenberg, but also for the ministry itself, which asked two strong candidates to apply […]

Stoltenberg also in battle at home

As NATO Secretary General Jens Stoltenberg struggles to fend off a new war in Europe, he’s also caught in an entirely different battle back home in Norway. His attempt to become the next chief of his homeland’s central bank has suddenly set off an uproar, and he now has a majority in Parliament against him. Stoltenberg’s […]

Interest rates rise despite uncertainty

Norway’s central bank (Norges Bank) is sticking to its long-term plan to gradually raise interest rates, confirming on Thursday that it’s boosting its policy rate by another quarter-point. The move comes despite renewed uncertainty tied to a fourth wave of Corona infection, but the bank believes Norway’s underlying economy remains strong and needs the financial […]

Stoltenberg keen to lead central bank

Jens Stoltenberg has, as expected, added his name to the list of applicants vying to take over as chief of Norway’s Central Bank. Stoltenberg’s second term as secretary general of NATO expires next year, and he now says he’s “very motivated” for the job as leader of Norges Bank. Stoltenberg has earlier declined comment on […]

Small bank’s customers prevail over DNB

Celebrations were held outside the headquarters of Norway’s biggest bank, DNB, after the country’s competition authority blocked its pending takeover of Sbanken. The regulators feared it would further weaken competition in Norway and make DNB even more dominant than it already is. “This was fantastic news,” Christian Jahr, one of Sbanken‘s most enthusiastic customers, told […]

Speculation swirls over Stoltenberg

Speculation has been swirling for months over whether Jens Stoltenberg, the former Norwegian prime minister who’s headed NATO since 2014, will soon be moving home to Norway and taking on a new top job: Chief of Norway’s central bank, Norges Bank. Stoltenberg, whose two terms as secretary general of NATO will end on October 1 […]

DNB may not be able to buy up small rival

Norway’s competition authority (Konkurransetilsynet) announced Thursday that it may halt the takeover by Norway’s biggest bank, DNB, of its small but innovative rival Sbanken. DNB has already secured the purchase of most of Sbanken’s shares, but the authorities fear it will hurt competition. “After a thorough evaluation of this acquisition, we’ve decided that we need […]

DNB accepts huge fine

Financial regulators believe Norway’s largest bank, DNB, has long been aware of serious deficiences in how it follows money-laundering laws. Norway’s state finance authority Finanstilsynet thus slapped DNB with a NOK 400 million fine on Monday, which the bank’s management has accepted. “We take the criticism in the (regulators’) report extremely seriously,” stated DNB’s chief […]

DNB profits soothe its ‘PR catastrophe’

DNB, Norway’s biggest bank, suffered a humiliating barrage of fury earlier this month from potential customers at Sbanken who don’t want anything to do with it. DNB’s latest jump in pre-tax profits this week, however, could take the sting out of losing so many angry customer as DNB’s pending takeover of Sbanken seems set to […]

Customers oppose their bank’s takeover

Norway’s largest bank, DNB, plans to acquire Sbanken, formerly Skandiabanken, but the small bank’s customers are protesting mightily. They claim it will destroy competition between the two banks, and that they’ll take their business elsewhere. The announcement Thursday morning that DNB was offering NOK 11.1 billion for Sbanken set off a storm of objections and […]