SpareBank 1 SMN is a Norwegian

savings bank A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest. Savings banks ha ...

based in

Trøndelag Trøndelag (; or is a county and coextensive with the Trøndelag region (also known as ''Midt-Norge'' or ''Midt-Noreg,'' "Mid-Norway") in the central part of Norway. It was created in 1687, then named Trondhjem County (); in 1804 the county was ...

. The bank has 71 branches in 51

municipalities A municipality is usually a single administrative division having municipal corporation, corporate status and powers of self-government or jurisdiction as granted by national and regional laws to which it is subordinate. The term ''municipality' ...

in Central Norway and is part of the bank

alliance An alliance is a relationship among people, groups, or sovereign state, states that have joined together for mutual benefit or to achieve some common purpose, whether or not an explicit agreement has been worked out among them. Members of an a ...

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'' owned by the participating banks. In total the alliance is Norway's second largest b ...

. In

Nord-Trøndelag Nord-Trøndelag (; "North Trøndelag") was a counties of Norway, county constituting the northern part of the present-day Trøndelag county in Norway. It bordered the old Sør-Trøndelag ("South Trøndelag") county as well as the county of Nordl ...

and

Sør-Trøndelag Sør-Trøndelag (; ) was a Counties of Norway, county comprising the southern portion of the present-day Trøndelag county in Norway. It bordered the old Nord-Trøndelag () county as well as the counties of Møre og Romsdal, Oppland, and Hedmark. ...

the bank is branded SpareBank 1 Midt-Norge while it is branded SpareBank 1 Romsdals Fellesbank in

Møre og Romsdal Møre og Romsdal (; ) is a Counties of Norway, county in the northernmost part of Western Norway, Western Norway. It borders the counties of Trøndelag, Innlandet, and Vestland. The county administration is located in the Molde (town), town of M ...

but in April 2008 the bank changed its name to Sparebank 1 SMN. The company has its head office in

Trondheim Trondheim ( , , ; ), historically Kaupangen, Nidaros, and Trondhjem (), is a city and municipality in Trøndelag county, Norway. As of 2022, it had a population of 212,660. Trondheim is the third most populous municipality in Norway, and is ...

. The CEO is Finn Haugan. The bank has total assets of

NOK Nok is a village in Jaba, Nigeria, Jaba Local Government Area of Kaduna State, Nigeria. The village is an archeological site. Archaeology The discovery of terracotta figurines at this location caused its name to be used for the Nok culture, ...

46 billion, making it the 9th largest bank in Norway. In Trøndelag the bank has a market share of 38% while it has a 28% marked share in

Romsdal Romsdal is a Districts of Norway, traditional district in the Norwegian county Møre og Romsdal, located between Nordmøre and Sunnmøre. The district of Romsdal traditional comprises the areas that are part of Aukra Municipality, Molde Municipal ...

. The bank serves both private customers in addition to agricultural, small and medium-sized businesses in addition to the public sector.

History

The bank has roots to Trondhjems Sparebank which was founded to 1823. Sparebanken Midt-Norge was created in 1984 when 23 savings banks in Trøndelag

merged Mergers and acquisitions (M&A) are business transactions in which the ownership of a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorpt ...

to create a regional savings bank. In 1988 Spareskillingsbanken was also merged into the bank. The bank created grunnfondsbevis in 1994 and listed itself on

Oslo Stock Exchange Oslo Stock Exchange () (OSE: OSLO) is a stock exchange within the Nordic countries and offers Norway's only regulated markets for securities trading today. The stock exchange offers a full product range including equities, derivatives and fixed ...

. In 1996 it was one of the founding banks of the alliance

, where it today holds a 19.5% ownership. In 2005 it bought the commercial bank Romsdals Fellesbank. The Norwegian subsidiary of

Iceland Iceland is a Nordic countries, Nordic island country between the Atlantic Ocean, North Atlantic and Arctic Oceans, on the Mid-Atlantic Ridge between North America and Europe. It is culturally and politically linked with Europe and is the regi ...

’s Glitnir Bank, Glitnir Bank ASA in Norway, was sold for

300 million on October 21, 2008, or ISK 5.5 billion, but its current worth is estimated at ISK 36.5 billion . Glitnir ASA was bought by 20 savings banks. The takeover was led by Finn Haugan, the managing director of Sparebank 1 SMN which acquired a 25-percent stake in the bank.

Awards

In collaboration with the

Royal Norwegian Society of Sciences and Letters The Royal Norwegian Society of Sciences and Letters (, DKNVS) is a Norway, Norwegian learned society based in Trondheim. It was founded in 1760 and is Norway's oldest scientific and scholarly institution. The society's Protector is King Harald V of ...

, the bank awards the biannual Gunnerus Sustainability Award.

References

External links

Official website
{{Coord, 63, 25, 54, N, 10, 23, 59, E, region:NO, display=title Banks of Norway Companies based in Trondheim Banks established in 1823 Companies listed on the Oslo Stock Exchange