Includes special features of this country’s banking system and rules/laws that might impact U.S. business.
Last Published: 7/22/2019

Participants in the Norwegian banking market vary from large full-service banks active in both the wholesale and retail sectors to small private institutions.  There is also a range of savings banks.  The banking system, i.e., the actual payment system, is highly automated and computerized.  The Norwegian banking system is comprised of 17 commercial banks, 105 savings banks and a small number of state-owned banks that provide financing for particular purposes.  Other principal financial institutions are mortgage companies, finance companies and insurance companies.  The Financial Supervisory Authority of Norway (Finanstilsynet - http://www.finanstilsynet.no/en/) supervises all banks and other financial institutions in Norway.

The Commercial Banking Act, the Savings Bank Act and the Act on Financing and Finance Institutions regulate banking activities.  Norway has revised the regulations relating to financial institutions as a result of the EEA Agreement.  With respect to financial services, the EEA Agreement provides for full adaptation to EU regulations.  Foreign banks have been allowed to establish subsidiaries in Norway since 1985.  Since the implementation of the EEA Agreement in January 1994, foreign banks may also establish branches in Norway, but only a few U.S. banks currently operate in Norway.

The Central Bank of Norway (http://www.norges-bank.no/en/) is organized as a share-issuing company, but the government owns all the shares.  It is the executive and advisory entity for monetary, credit and exchange policy.  It is the sole bank of currency issue. 

Commercial banks enjoy a very close relationship with trade and industry.  Savings banks have a long tradition in Norway and also cover a substantial part of the local credit requirements.  Merchant banks have not achieved the same position in Norway that they enjoy in some countries.  This is partly because of the market dominance by the very large commercial banks, all of which maintain specialized departments covering the areas generally regarded as typical of merchant banking.  There are special banks for fisheries, agriculture, shipping, industry, house building, and export finance.  The State, to varying degrees, participates in all of these.
 

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