DNB raises its mortage rates

Norway’s biggest bank, DNB, didn’t waste any time in raising interest rates on its home loans. It became the first Norwegian bank on Friday to warn customers that rates would rise by a quarter-point from November 4. DNB’s increase comes just a day after Norway’s central bank announced the same increase in its key policy rate. […]

Nordea buys insurer’s bank

Nordea, the Nordic banking firm, agreed last week to buy Oslo-based Gjensidige Bank for NOK 5.5 billion. The deal includes a long-term strategic agreement with insurance company Gjensidige in Norway. Terms call for Nordea to offer its 900,000 customers in Norway insurance products from Gjensidige (roughly pronounced yen-siddy-ya). Gjensidige wrote in a report to the […]

1,200 bank workers called out on strike

Norway’s largest trade union federation LO pulled around 1,200 bank employees off their jobs Thursday morning. Mediation that extended through the night, however, resulted in banks and insurance companies avoiding a much larger strike that could have shut down most banking services. The employers’ organization for the financial services industry, Finans Norge, came to terms with […]

Bank employees threaten to strike

Labour organizations representing 21,000 bank employees and other workers in the financial sector threatened to call workers out on strike from Thursday. That can lead to major problems and even halt bank card use and electronic banking. Media outlets were advising Norwegians to pull some cash out of minibanks, and not just because of concerns […]

Some bank notes expiring in May

Norway’s central bank (Norges Bank) has started warning the public that some of its currency notes that were replaced last year are about to be taken out of circulation. They won’t be valid or accepted as legal tender after May 30. The expiration date applies to the old 100- and 200-kroner bank notes that were […]

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 […]