SpareBank 1 SMN

SpareBank 1 SMN is a Norwegian savings bank based in Trøndelag.

SpareBank 1 SMN
TypeSavings bank
(OSE: MING)
IndustryBanking
Founded1823
HeadquartersTrondheim, Norway
Area served
Norway
Key people
Finn Haugan (CEO)
Number of employees
711 (2005)
Websitewww.smn.no
Head office of Sparebanken Midt-Norge in downtown Trondheim

The bank has 71 branches in 51 municipalities in Central Norway and is part of the bank alliance SpareBank 1. In Nord-Trøndelag and Sør-Trøndelag the bank is branded SpareBank 1 Midt-Norge while it is branded SpareBank 1 Romsdals Fellesbank in Møre og Romsdal but in April 2008 the bank changed its name to Sparebank 1 SMN. The company has its head office in Trondheim. The CEO is Finn Haugan. [1]

The bank has total assets of NOK 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. 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 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. In 1996 it was one of the founding banks of the alliance SpareBank 1, where it today holds a 19.5% ownership. In 2005 it bought the commercial bank Romsdals Fellesbank.[2]

The Norwegian subsidiary of Iceland’s Glitnir Bank, Glitnir Bank ASA in Norway, was sold for NOK 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.[3]

Awards

In collaboration with the Royal Norwegian Society of Sciences and Letters, the bank awards the biannual Gunnerus Sustainability Award.

References
  1. John Sund (30 August 2003). "Finn Haugan". adressa.no/nyheter. Retrieved July 15, 2016.
  2. "The story of SpareBank 1 SMN". SpareBank 1 SMN. Retrieved July 15, 2016.
  3. Glitnir ASA in Norway Sold under Value (Iceland Review Online)

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