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Title: Sparebank  
Author: World Heritage Encyclopedia
Language: English
Subject: Terra Securities scandal, Verran Sparebank, Health trust, Savings bank, Regional health authority (Norway)
Collection: Banks of Norway
Publisher: World Heritage Encyclopedia


Sparebank is a Norwegian savings bank without external owners. The Norwegian sparebanks are a separate type of juridical entity that differ from commercial banks. There are a total of 123 savings banks in Norway.


The first savings bank was created in 1822, and in the following 75 years savings banks were set up in most municipalities of Norway. The banks had both a savings upbringing function for the commoners (so they didn't have to burden society when they got sick and old) and served an important part in local communities development and self-financing.

Historically the savings banks concentrated on private customers, combined with small businesses and the primary sector. Loans were financed through deposits. Today the difference between savings banks and commercial banks are smaller, partially because savings banks now can issue stock-like grunnfondsbevis where the owners are both given dividend and representation in the governing bodies of the banks. The savings banks can now also convert themselves to public limited companies, but so far only one bank, Gjensidige NOR, had done so. Part of this later merged to form DnB NOR while the rest of it returned to the savings bank form, becoming Gjensidige.

Traditionally the savings banks have had a strong local foundation, and a goal for the municipalities were often to have their own savings bank. After Norwegian Savings Banks Association.

See also

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