Acquiring a bank

Acquiring a bank is complicated transaction. It involves all the processes of acquisition including receiving financial regulatory approvals.

    Inhabitants - 4,691,849 (July 2011)

    Language - Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities

    Currency - Norwegian krone (NOK), floating, exchange rate ~ 0.135 EUR

    Religion - Church of Norway 85.7%, Pentecostal 1%, Roman Catholic 1%, other Christian 2.4%, Muslim 1.8%, other 8.1%

    Politics - Politics in Norway take place under the framework of a parliamentary, representative and democratic constitutional monarchy. Executive power is exercised by the King's council and the cabinet which is led by the Prime Minister of Norway. Legislative power is vested in both the government and the Storting (Parliament), elected within a multi-party system. The judiciary is independent of the executive branch and the legislature.

  • Major industries - petroleum and natural gas, food processing, shipbuilding, wood pulp and paper products, metals, chemicals, timber, mining, textiles, fishing.

    Banks (2010) - 145 banks; 1,157 branches; 21,358 employees; assets – EUR 642,24 billion; loans – EUR 381,66 billion; deposits – EUR 186,22 billion.

    Banking regulations –  Finanstilsynet is an independent government agency that builds on laws and decisions emanating from the Parliament (Stortinget), the government and the Ministry of Finance, as well as from international standards for financial supervision and regulation. Finanstilsynet is responsible for the supervision of banks, finance companies, mortgage companies, insurance companies, pension funds, investment firms, securities fund management and market conduct in the securities market, stock exchanges and authorized market places, settlement centres and securities registers, estate agencies, debt collection agencies, external accountants and auditors. Licensing requires an initial capital (equity capital or ownerless capital) amounting to at least the equivalent of EUR 5 million in Norwegian Kroner.