Svalbard loses its only bank

News that Norway’s SpareBank1 was closing half of its 31 branches in Northern Norway hit the Arctic archipelago of Svalbard especially hard this week. Sparebank1 has been the only bank with a presence in Svalbard, and residents are unhappy. “This came as a complete surprise to us,” Trond Hellstad, chief of the bank branch in […]

DNB suffers payment problems

Norway’s largest bank, DNB, was suffering on Tuesday from its second day of problems transferring salaries and holiday pay known as feriepenger into customers’ accounts. Recipients who should have been paid by the 15th (Monday) were suffering even more. DNB blamed a technical error in a computer file with transaction data that also disrupted other transactions […]

DNB braces for losses

Norway’s biggest bank, DNB, has long been highly profitable but now feels compelled to brace for losses tied to the Corona virus crisis. It has set aside nearly NOK 6 billion (USD 582 million) to cover potential losses, characterized as “an extremely large amount” by analyst Johan Ström. The loan loss reserves were included in […]

DNB ordered to refund high fees

UPDATED: Norway’s Supreme Court issued a crushing defeat to the country’s biggest bank on Friday, ordering DNB to refund around NOK 350 million to 180,000 customers. The court agreed with DNB’s unhappy customers that they’d paid management fees on investment funds that were much too high. “I’m damn glad and damn fed up with DNB,” […]

DNB suffers its own ‘Black Friday’

The much-hyped phrase “Black Friday” has taken on an entirely new meaning for Norway’s biggest bank, DNB. Investors dumped DNB shares, and buyers got some deep discounts, after state officials launched an investigation into alleged money laundering involving the state-owned bank, DNB’s shares fell 4 percent when the Oslo Stock Exchange opened Friday morning. By late afternoon […]

DNB faces multiple investigations

Norway’s dominant bank, caught up in the biggest money laundering scandal to ever involve a Norwegian financial institution, is now facing various investigations both at home and abroad. The new chief executive at DNB, Kjerstin Braathen, has called the situation “serious” and stresses that “we must bring forth all the information we can.” Braathen just […]

DNB caught up in Icelandic corruption

Norway’s biggest bank, DNB, is under suspicion of having facilitated the transfer of USD 70 million from Iceland’s largest player in the fishing industry to shell companies set up in tax havens. From there, the money allegedly found its way to government officials in Namibia, who in turn granted the Icelandic company fishing quotas in […]

New DNB boss defends court appeal

Kjerstin Braathen, the new chief executive of Norway’s biggest bank DNB, has spoken warmly of how important customers are. She’s prepared, however, to meet representatives for thousands of them in court after the bank decided to appeal its loss in the country’s biggest class-action suit ever. “It’s never nice to meet our customers in court,” […]

Braathen to take over at DNB

Norway’s largest bank, DNB, has tapped its chief financial officer to become its chief executive. Kjerstin Braathen, who’s worked for DNB for 20 years, vows to maintain the bank’s dominant position after taking over the helm from a retiring Rune Bjerke. “Kjerstin has all the qualifications to do a better job than me,” said Bjerke, […]

DNB: ‘Safe to use bank cards now’

Norway’s largest bank was promising to keep its troublesome electronic payment system under surveillance heading into the weekend, while claiming that its technical problems had been solved. DNB customers were finally told late Thursday that they could once again use their Visa bank debit cards without fearing their purchases would be charged twice.  The trouble […]