SpareBank 1

SpareBank 1 is a Norwegian alliance and brand name for a group of savings banks. The alliance is organised through the holding company SpareBank 1 Gruppen AS that is owned by the participating banks. In total the alliance is Norway's second largest bank with total assets of NOK 625 billion, 352 branches and 6300 employees. The alliance has its head office in Oslo, Norway. The banks in the SpareBank 1 Alliance distribute SpareBank 1 groups' products and collaborate in key areas such as brands, work processes, expertise development, IT operations and system development.

Companies in the group include the mutual fund company ODIN Forvaltning, the life insurance company SpareBank 1 Livsforsikring, the insurance company SpareBank 1 Skadeforsikring, the credit card company SpareBank 1 Medlemskort, SpareBank 1 Utvikling, the commercial bank Bank 1 Oslo, the car finance company SpareBank 1 Bilplan (19.9%) and the securities company First Securities (24.5%).

History

In 1996 the original members of the alliance, Sparebanken SMN, Sparebanken Nord-Norge, Sparebanken Rogaland and Sparebanken Vest founded the alliance, at first (but never branded) as Sparebankgruppen. The same year the company bought the life insurance company DAVID Livsforsikring, now SpareBank 1 Livsforsikring, in addition to part of the mutual fund company ODIN Forvaltning, now wholly owned by SpareBank 1. In 1997 the alliance of small savings banks Samarbeidende Sparebanker.