DOCSLIB.ORG

Dnb Bank Asa

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Dnb Bank Asa BASE PROSPECTUS DNB BANK ASA (incorporated in Norway) €45,000,000,000 Euro Medium Term Note Programme Under this €45,000,000,000 Euro Medium Term Note Programme (as supplemented and amended from time to time) (the "Programme"), DNB Bank ASA (the "Issuer" or the "Bank") may from time to time issue notes ("Notes") denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). Any Notes issued under the Programme on or after the date of this Base Prospectus are issued subject to the provisions herein. This does not affect any Notes issued prior to the date of this Base Prospectus. As more fully described herein, Notes may be issued (i) on an unsubordinated basis ("Senior Preferred Notes"); (ii) on a non- preferred basis as provided in "Terms and Conditions of the Notes" herein ("Senior Non-Preferred Notes"); or (iii) on a subordinated basis as provided in "Terms and Conditions of the Notes" herein ("Subordinated Notes"). Notes may be issued in bearer form ("Bearer Notes"), registered form ("Registered Notes") or uncertificated book-entry form cleared through the Norwegian Central Securities Depository, the Verdipapirsentralen ("VPS Notes" and the "VPS", respectively). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed €45,000,000,000 (or its equivalent in other currencies calculated as described herein). A description of the restrictions applicable at the date of this base prospectus (the "Base Prospectus") relating to the maturity of certain Notes is set out in "Overview of the Programme – Maturities". The Notes may be issued on a continuing basis to one or more of the Dealers specified under "Overview of the Programme – Dealers" below and any additional Dealer(s) appointed under the Programme from time to time, which appointment may be for a specific issue or on an ongoing basis (each a "Dealer" and together the "Dealers"). References in this Base Prospectus to the "relevant Dealer" shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe such Notes. This Base Prospectus has been approved by the Central Bank of Ireland (the "Central Bank") as competent authority under Regulation (EU) 2017/1129, as amended (the "Prospectus Regulation") as a base prospectus issued in compliance with the Prospectus Regulation for the purpose of giving information with regard to the Notes issued under the Programme. This Base Prospectus is valid within twelve months from the date of this Base Prospectus. The obligation to supplement this Base Prospectus in the event of significant new factors, material mistakes or material inaccuracies will not apply when the Base Prospectus is no longer valid. The Central Bank only approves this Base Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered as an endorsement of the Bank nor as an endorsement of the quality of the Notes that are the subject of this Base Prospectus. Investors should make their own assessment as to the suitability of investing in the Notes. Such approval relates only to Notes issued under the Programme within twelve months after the date hereof which are to be admitted to trading on a regulated market for the purposes of Directive 2014/65/EU on markets in financial instruments (as amended, "MiFID II") and/or which are to be offered to the public in any Member State of the European Economic Area (the "EEA") in circumstances that require the publication of a prospectus. Application has been made to the Irish Stock Exchange plc trading as Euronext Dublin ("Euronext Dublin") for the Notes to be issued under the Programme (other than Exempt Notes (as defined below) and Swiss Domestic Notes) within the period of 12 months from the date of this Base Prospectus to be admitted to the official list of Euronext Dublin (the "Official List") and trading on its regulated market. The regulated market of Euronext Dublin is a regulated market for the purposes of MiFID II. In addition, application will be made to register the Programme on the SIX Swiss Exchange Ltd (the "SIX Swiss Exchange") pursuant to article 54 of the Swiss Financial Services Act (the "FinSA"). Upon specific request, Notes issued under the Programme may be listed on the SIX Swiss Exchange. References in this Base Prospectus to Notes being "listed" (and all related references) shall mean that such Notes are intended to be (i) admitted to trading on the regulated market of Euronext Dublin and are intended to be listed on the Official List or (ii) 11/67312202_22 i admitted to trading on the standard for bonds of the SIX Swiss Exchange or (iii) (in the case of VPS Notes) admitted to trading on the regulated market of the Oslo Stock Exchange and listed on the official list of the Oslo Stock Exchange, as the case may be. The applicable pricing supplement (the "Pricing Supplement") in respect of the issue of any Exempt Notes will specify whether or not such Exempt Notes will be admitted to listing or trading on any non-EEA stock exchanges and/or markets, if applicable. Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and any other terms and conditions not contained herein which are applicable to each Tranche (as defined under "Terms and Conditions of the Notes") of Notes will be set forth in a Final Terms document ("Final Terms") or, in the case of Exempt Notes, a Pricing Supplement. Each Final Terms, with respect to Notes to be listed on Euronext Dublin, will be delivered to the Central Bank and Euronext Dublin. Each Pricing Supplement, with respect to Notes to be listed on the SIX Swiss Exchange, will be delivered to the SIX Swiss Exchange. The Programme provides that Notes may be listed or admitted to trading, as the case may be, on such other or further stock exchanges or markets as may be agreed between the Issuer and the relevant Dealer. The Issuer may also issue Notes which are not listed or admitted to trading on any market. The requirement to publish a prospectus under the Prospectus Regulation only applies to Notes which are to be admitted to trading on a regulated market in the EEA and/or offered to the public in the EEA other than in circumstances where an exemption is available under the Prospectus Regulation. References in this Base Prospectus to "Exempt Notes" are to Notes (including Swiss Domestic Notes) for which no prospectus is required to be published under the Prospectus Regulation. The Central Bank has neither reviewed nor approved any information in this Base Prospectus pertaining to Exempt Notes and the Central Bank assumes no responsibility in relation to issues of Exempt Notes. DNB Bank ASA is both the Issuer and acting as a Dealer under the Programme. Consequently, the Issuer is a "related issuer" of DNB Bank ASA within the meaning of the Canadian National Instrument 33-105 Underwriting Conflicts in connection with the distribution of the Notes in relation to which it is acting as a Dealer. The determination of the terms of the distribution will be negotiated between the Issuer and the relevant Dealers at the time of an issuance of Notes under the Programme. The Programme has been rated AA- (Senior Preferred Notes), A (Senior Non-Preferred Notes), A- (Subordinated Notes) and A- 1+ (short-term) by S&P Global Ratings Europe Limited ("S&P"), and (P)Aa2 (Senior Preferred Notes), (P)Baa1 (Subordinated Notes) and (P)P-1 (short-term) by Moody's Investors Service Limited ("Moody's"). S&P is established in the European Union (the "EU") and is registered under Regulation (EC) No. 1060/2009, as amended (the "CRA Regulation") and Moody's is established in the United Kingdom ("UK") and registered under the CRA Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA") (the "UK CRA Regulation"). The ratings issued by Moody’s have been endorsed by Moody’s Deutschland GmbH in accordance with the CRA Regulation. Moody’s Deutschland GmbH is established in the EU and registered under the CRA Regulation. Each of Moody’s Deutschland GmbH and S&P is included in the list of credit rating agencies published by the European Securities and Markets Authority ("ESMA") on its website (https://www.esma.europa.eu/supervision/credit-rating-agencies/risk) in accordance with the CRA Regulation.. Notes issued pursuant to the Programme may be rated or unrated by any one or more of the rating agencies referred to above. Where a Tranche (as defined below) of Notes is rated, its rating will be specified in the applicable Final Terms or, as the case may be, the applicable Pricing Supplement and will not necessarily be the same as the rating applicable to the Programme. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Arranger Goldman Sachs International Dealers Barclays BNP PARIBAS BofA Securities Citigroup Commerzbank Deutsche Bank DNB Bank Goldman Sachs International HSBC J.P. Morgan Nomura UBS Investment Bank UniCredit The date of this Base Prospectus is 12 May 2021 11/67312202_22 ii IMPORTANT NOTICES This Base Prospectus constitutes a base prospectus in respect of all Notes other than Exempt Notes issued under the Programme for the purposes of the Prospectus Regulation. The Issuer accepts responsibility for the information contained in this Base Prospectus and the Final Terms or, as the case may be, the Pricing Supplement relating to any Tranche of Notes issued under the Programme.
Load more

Recommended publications
  • Resolution Plan 2018 Public Section
    RESOLUTION PLAN 2018 PUBLIC SECTION TABLE OF CONTENTS Page INTRODUCTION ......................................................................................................................... 1 1. Names of Material Entities .................................................................................... 3 2. Description of Core Business Lines ....................................................................... 3 3. Summary Financial Information Regarding Assets, Liabilities, Capital, and Major Funding Sources. .................................................................................. 4 4. Description of Derivatives and Hedging Activities ............................................... 7 5. Memberships in Material Payment, Clearing, and Settlement Systems ................ 7 6. Description of Foreign Operations......................................................................... 8 7. Identities of Material Supervisory Authorities ...................................................... 8 8. Identities of Principal Officers ............................................................................... 9 9. Corporate Governance Structure and Processes Related to Resolution Planning ............................................................................................................... 10 10. Material Management Information Systems ........................................................ 11 11. High Level Description of Resolution Strategy ................................................... 12 -i- INTRODUCTION Section
    [Show full text]
  • Wells Fargo International Equity Fund
    QUARTERLY MUTUAL FUND COMMENTARY Q4 2020 | All information is as of 12/31/2020 unless otherwise indicated. Wells Fargo International Equity Fund Quarterly review GENERAL FUND INFORMATION ● The International Equity Fund underperformed the MSCI ACWI ex USA Index (Net) Ticker: WFENX and the MSCI ACWI ex USA Value Index (Net) for the quarter that ended December 31, 2020. Portfolio managers: Dale A. Winner, ● Performance was driven largely by stock selection, with positive contributions coming CFA®; and Venk Lal from investments in the industrials and materials sectors as well as in China/Hong Subadvisor: Wells Capital Kong and Canada. Management Inc. ● Positions in information technology (IT) and health care as well as in France and Japan Category: Foreign large value detracted from performance. Market review FUND STRATEGY ● Maintains a core equity style that International equity markets initially declined in October before advancing 19.6% in the emphasizes bottom-up stock final two months of the year as multiple COVID-19 vaccines reached 90%+ efficacy and selection based on rigorous, uncertainty surrounding the U.S. presidential election receded, resulting in a 17.0% in-depth, fundamental company return for the MSCI All Country World ex USA Index (Net) in the fourth quarter, the research highest quarterly return since the third quarter of 2009. In this environment, the Global ● Uses a bottom-up research process Purchasing Managers’ Index (PMI) reached 53.3 in October, the highest level since that targets companies with August 2018, but fell back to 52.7 in December, still in expansionary territory. Emerging underestimated earnings growth markets outperformed developed markets and sovereign yields saw mixed fluctuations potential or those trading at during the period, including the U.S.
    [Show full text]
  • Country Profile, Norway
    Update April 2009 COUNTRY PROFILE, NORWAY Introduction and Country Background 2 Banking Environment 4 Financial Authorities 6 Legal & Regulatory Issues 8 Market Dominant Banks 11 Clearing Systems 14 Payments & Collections Methods & Instruments 16 Electronic Banking 19 Cash Pooling Solutions 21 Tax Issues 23 Source and Contacts 28 Page 1 of 28 Country profile, Norway Introduction and Country Background Norway’s rugged Key Facts coastline facing the North Atlantic sea Capital - Major Cities Oslo – Bergen, Trondheim, Stavanger stretches over 2,500 Area 324,220 km2 km Population 4.799 million (01-2009 estimate) Languages Norwegian Currency NOK (Norwegian Kroner) Telephone Code +47 National/ Bank 2009 — 1 Jan; 9-10, 13 Apr; 1, 17, 21 May; 1 Jun; 25- Holidays 26 Dec Bank Hours Generally from 8:15–15:30 Mon-Fri* Business Hours 10.00–17.00 Mon–Fri, to 19.00 Thu, 9:00–14.00 Sat Stock Exchange Oslo Børs (Oslo Stock Exchange) Leading Share Index OSEBX Overall Share Index OSEAX There is usually a designated day during the week when business hours are ex- tended. However, this day varies from bank to bank. Measured by per cap- Economic Performance ita GDP, Norway is among the wealthiest 2005 2006 2007 2008 countries in the Exchange Rate – NOK/EUR1 8.00 8.05 8.0153 8.2194 world, supported in Exchange Rate – NOK/USD1 6.4450 6.4180 5.8600 5.6361 large part by its ex- Money Market Rate (%)1 2.15 3.02 4.79 6.01 ploitation of oil and Consumer Inflation (%)2 1.6 2.3 0.8 3.2 gas reserves Unemployment Rate (%)3 4.6 3.4 2.5 2.5 GDP (NOK billions)4 1,946 1,995
    [Show full text]
  • Invesco Liquid Assets Portfolio
    Invesco Liquid Assets Portfolio Portfolio Holdings Data as of June 30, 2021 4 2 3 Final Principal Market 1 Coupon/ Maturity Maturity Associated % of Amount Value ($) Name of Issue CUSIP Yield (%) Date Date Issuer Portfolio Asset Backed Commercial Paper ASSET-BACKED COMMERCIAL PAPER 25,000,000 24,998,958 Ionic Capital III Trust (CEP-UBS AG) 46220WUG9 0.13 07/16/2021 07/16/2021 UBS GROUP AG 1.27 37,777,000 37,774,140 Lexington Parker Capital Company (Multi-CEP) 52953AUV5 0.15 07/29/2021 07/29/2021 Lexington Parker Capital 1.93 Company (Multi-CEP) 10,500,000 10,500,000 LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.) 53944QXR6 0.05 10/25/2021 10/25/2021 CREDIT AGRICOLE SA 0.54 40,000,000 39,992,272 LMA SA (CEP-Credit Agricole Corporate & Investment Bank S.A.) 53944QW30 0.24 09/03/2021 09/03/2021 CREDIT AGRICOLE SA 2.04 20,000,000 20,000,000 Ridgefield Funding Co. LLC (CEP-BNP Paribas S.A.) 76582JW26 0.14 09/02/2021 09/02/2021 BNP PARIBAS SA 1.02 55,000,000 54,964,250 Ridgefield Funding Co. LLC (CEP-BNP Paribas S.A.) 76582JY81 0.14 11/08/2021 11/08/2021 BNP PARIBAS SA 2.80 188,277,000 188,229,620 Asset-Backed Commercial Paper 9.60 ASSET-BACKED COMMERCIAL PAPER (INTEREST BEARING) 50,000,000 50,000,000 Anglesea Funding LLC (Multi-CEP) 0347M5VG1 0.17 07/01/2021 08/04/2021 Anglesea Funding LLC 2.55 25,000,000 25,000,000 Anglesea Funding LLC (Multi-CEP) 0347M5VL0 0.17 07/01/2021 08/04/2021 Anglesea Funding LLC 1.27 10,000,000 10,000,000 Bedford Row Funding Corp.
    [Show full text]
  • The Evolution of the Financial Services Industry and Its Impact on U.S
    THOUGHT LEADERSHIP SERIES THE EVOLUTION OF THE FINANCIAL SERVICES INDUSTRY AND ITS IMPACT ON U.S. OFFICE SPACE June 2017 TABLE OF CONTENTS OVERVIEW OF U.S. FINANCIAL SERVICES INDUSTRY I PAGE: 4 OVERVIEW OF OFFICE MARKET CONDITIONS IN 11 MAJOR FINANCIAL CENTERS PAGE: 8 A. ATLANTA, GA PAGE: 8 B. BOSTON, MA PAGE: 10 C. CHARLOTTE, NC PAGE: 12 D. CHICAGO, IL PAGE: 14 E. DALLAS-FORT WORTH, TX II PAGE: 16 F. DENVER, CO PAGE: 18 G. MANHATTAN, NY PAGE: 20 H. ORANGE COUNTY, CA PAGE: 22 I. SAN FRANCISCO, CA PAGE: 24 J. WASHINGTON, DC PAGE: 26 K. WILMINGTON, DE PAGE: 28 MARKET SUMMARY AND ACTION STEPS III PAGE: 30 KEY FINDINGS The financial services sector has adapted its office-space usage in ways that are consistent with many office-using industries. However, its relationship to real estate has changed as a result of its role within the broader economy. In particular, four major causes have spurred a reduction in gross leasing activity by financial services firms: increased government regulation following the Great Recession of 2007-2009, cost reduction, efficient space utilization, and the emergence of the financial technology (fintech) sector. While demand for office space among financial services tenants has edged down recently overall, industry demand is inconsistent among major metros. For example, leasing increased for financial services tenants in San Francisco from 10% of all leasing activity in 2015 to 20% in 2016, while leasing among tenants in New York City declined from 32% to 20% over the same time period. Leasing trends within the financial services industry correlate with: the types of institutions involved, environments with policies and incentives that are conducive to doing business, the scale of operations and access to a highly-skilled talent pool, a shift from some urban to suburban locations, and a desire for new construction.
    [Show full text]
  • Quarterly Report DNB Bank ASA 3Q19
    DNB Bank A company in the DNB Group Third quarter report 2019 (Unaudited) Q3 Financial highlights Income statement DNB Bank Group 3rd quarter 3rd quarter January-September Full year Amounts in NOK million 2019 2018 2019 2018 2018 Net interest income 10 150 9 299 29 367 27 634 37 388 Net commissions and fees 1 536 1 431 4 799 4 721 6 605 Net gains on financial instruments at fair value 1 523 611 3 622 905 1 351 Other operating income 612 581 1 839 1 939 2 522 Net other operating income 3 672 2 623 10 260 7 564 10 478 Total income 13 822 11 922 39 627 35 198 47 866 Operating expenses (5 318) (5 114) (16 108) (15 189) (20 681) Restructuring costs and non-recurring effects (134) (26) (177) (106) (565) Pre-tax operating profit before impairment 8 370 6 782 23 343 19 902 26 620 Net gains on fixed and intangible assets (40) (3) (43) 480 529 Impairment of financial instruments (1 247) (11) (2 014) 374 139 Pre-tax operating profit 7 083 6 769 21 286 20 756 27 288 Tax expense (1 417) (1 354) (4 257) (4 151) (4 976) Profit from operations held for sale, after taxes (36) (42) (117) (63) (204) Profit for the period 5 631 5 373 16 912 16 542 22 109 Balance sheet 30 Sept. 31 Dec. 30 Sept. Amounts in NOK million 2019 2018 2018 Total assets 2 576 850 2 307 710 2 387 216 Loans to customers 1 673 924 1 598 017 1 561 867 Deposits from customers 983 472 940 087 995 154 Total equity 215 989 207 933 200 665 Average total assets 2 543 839 2 434 354 2 454 510 Key figures and alternative performance measures 3rd quarter 3rd quarter January-September Full year 2019
    [Show full text]
  • Annual Report 2005 Dnb NOR Groupdnb NOR 2005
    Annual report 2005 DnB NOR Group 2005 NORDnB Group www.dnbnor.com • Frits Thaulow, A Winterday, 1890 • The works of art featured in the annual report are The annual report has been produced by DnB NOR Shareholders registered as owners in DnB NOR ASA part of DnB NOR’s collection. This is one of Norway’s Corporate Communications, Group Financal Report- with the Norwegian Central Securities Depository largest private art collections, consisting of over ing and DnB NOR Graphic Centre. (VPS) can now receive annual reports electronically 10 000 works of art dating back from the end of the Design: Marit Høyland, Graphic Centre instead of by regular mail. For more information, 1800s to the present day. The works of art are on Photos: Stig B. Fiksdal and Anne-Line Bakken please contact your VPS registrar or go directly to display in DnB NOR’s offices in Norway and abroad, Print: Grafix AS www.vps.no/erapport.html. where they can be enjoyed by employees, customers and other visitors. 2005 in brief 4 Key fi gures and fi nancial calendar 5 From the desk of the CEO 6 What DnB NOR aspires to be 8 Directors’ report 10 Corporate governance 28 Risk and capital management 32 Stakeholders • Shareholders Contents • Customers 50 • Employees 52 • Society and the environment 5 Business areas 58 Staff and support units 76 Annual accounts 79 Auditor’s and Control Committee’s reports 158 Special articles • Pension reform 160 • Stability in the Norwegian economy 162 Contact information 164 Governing bodies 166 The Group’s annual report has been approved by the Board of Directors in the original Norwegian version.
    [Show full text]
  • Three Episodes of Financial Fragility in Norway Since the 1890S by Karsten R Gerdrup*
    BIS Working Papers No 142 Three episodes of financial fragility in Norway since the 1890s by Karsten R Gerdrup* Monetary and Economic Department October 2003 * Central Bank of Norway (Norges Bank) BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. Copies of publications are available from: Bank for International Settlements Press & Communications CH-4002 Basel, Switzerland E-mail: [email protected] Fax: +41 61 280 9100 and +41 61 280 8100 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2002. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISSN 1020-0959 (print) ISSN 1682-7678 (online) Abstract This paper provides for the first time a comparative study of three major banking crises in Norway (1899-1905, 1920-28 and 1988-92), and presents financial and macroeconomic data spanning more than 130 years. Financial sector development appears to be closely linked to booms and busts in economic activity during these years. The boom periods that preceded each of the three crises all have some common features: they were characterised by significant bank expansion, considerable asset price inflation and increased indebtedness. The non-financial sector increased its debt only slightly more than its income during the first two boom periods, but subsequent deflation increased its debt burden.
    [Show full text]
  • Davis Global Fund
    DGF ANNUAL REVIEW 2021 Davis Global Fund Update from Portfolio Manager Danton Goei The Equity Specialists DGF | ANNUAL REVIEW [ 1 ] Davis Global Fund Annual Review 2021 Please provide an update on the long-term We also learned that while the novel virus was performance and more recent results for Davis highly transmissible, exacerbated by asymptomatic Global Fund. Discuss the current positioning: carriers, the mortality rate was lower than initially feared. As overwhelmed hospitals recovered, record For the year 2020, Davis Global Fund returned high unemployment levels fell, and the Federal 23.06%, compared with a 16.25% return for Reserve further eased monetary policy, equity the MSCI ACWI (All Country World Index), an markets recovered, looking ahead to the end of outperformance of 6.81%. In the first half of 2020, Davis Global Fund returned −4.87%, though it still the pandemic. outperformed the index by 1.38%. This weak market The beginning of the end was on November 9, environment in the first half was followed by a very when Pfizer and its partner, German biotech firm strong rebound in the second half, when the Fund returned 29.36% for the six months, compared to BioNTech, announced the results of their Phase 3 the market return of 24.01%. interim analysis, showing vaccine efficacy of over 90%. This stunning level of efficacy, achieved in less In the first half of 2020, the rapid spread of than 10 months after the genetic sequence of the the COVID-19 pandemic led to a wide range of novel virus was first shared globally on January 11, reasonable disaster scenario forecasts, given the was astounding.
    [Show full text]
  • Wells Fargo VT International Equity Fund
    Annual Report December 31, 2020 Wells Fargo VT International Equity Fund Contents Letter to shareholders............................................................................2 Performance highlights..........................................................................6 Fund expenses .......................................................................................10 Portfolio of investments ........................................................................11 Financial statements Statement of assets and liabilities............................................................ 14 Statement of operations.........................................................................15 Reduce clutter. Statement of changes in net assets .........................................................16 Financial highlights ................................................................................. 17 Save trees. Sign up for Notes to financial statements.................................................................19 electronic delivery Report of independent registered public accounting firm.........................26 of prospectuses and shareholder Other information..................................................................................27 reports at wellsfargo.com/ advantagedelivery The views expressed and any forward-looking statements are as of December 31, 2020, unless otherwise noted, and are those of the Fund's portfolio managers and/or Wells Fargo Asset Management. Discussions of individual securities or the markets
    [Show full text]
  • Dnb Annual Report 1997
    Contents Highlights page 2 Principal Figures page 3 The DnB Group page 4 Statement From the Group Managing Director page 5 Directors’ Report page 6 Profit and Loss Accounts page 18 Balance Sheets page 19 Notes to the Accounts page 20 Financial Analyses page 52 Shareholder Information page 59 Operations in 1997 page 64 Highlights 1997 The DnB Group posted pre-tax operating profits before losses of NOK 2 715 million, compared with NOK 2 337 million in 1996. Profits for the year were NOK 2 590 million, as against NOK 2 702 million a year earlier. Earnings per share came to NOK 4.04, compared with NOK 4.22 in 1996. The Board of Directors has proposed an ordinary dividend of NOK 1.35 per share plus a supplementary dividend of NOK 0.40 per share, totalling NOK 1.75 per share. At the end of 1997, the DnB Group had nearly NOK 300 billion in funds under management. Growth in lending in most areas of activity offset the decline in interest margins. Non-interest income increased from 34 per cent of total income in 1994 to 42 per cent in 1997. The subsidiary Vital Forsikring Holding contributed NOK 192 million to group profits, NOK 136 million more than in 1996. During 1997, DnB reduced non-performing and doubtful commitments by a further 24 per cent. In 1997, DnB introduced its new branch design featuring a high level of automation. At year-end, DnB Group staff comprised 6 134 full-time positions. 2 Principal figures 1997 Amounts in NOK million DnB Group Profit and loss accounts 1997 1996 1995 --------------------------------------------------------------------------------------------------------------------------------------------------- Net interest income 4 428 4 242 4 347 Net other operating income 3 162 2 674 2 770 Operating expenses 4 875 4 580 4 939 Pre-tax operating profit before losses 2 715 2 337 2 178 Net reversals on losses on loans, guarantees, etc.
    [Show full text]
  • The EEA the Norwegian Banking Sector, The
    Case No: 77452 Document No: 1046871 Decision No: 022119/COL EFTA SURVEILLANCE AUTHORITY DECISION of 2 April2019 closing proceedings initiated against Finans Norge, Bits, BankID Norge, DNB and Nordea pursuant to Article 53 of the EEA Agreement (Case No 77452 - e-Payment services in Norway) THE EFTA SURVEILLANCE AUTHORITY, HAVING REGARD to the Agreement on the European Economic Area ("the EEA Agreement"), and in particular Article 55 thereof, HAVING REGARD to the EFTA Surveillance Authority's ("the Authority'') Decision No l95ll6lCOL of 25 October 2016 to initiate proceedings against Finans Norge, Bits AS, BankID Norge AS, DNB Bank ASA, DNB ASA, NordeaBank AB (publ) and Nordea Bank Norge ASA, WHEREAS: l. In October 2075, the Authority received a complaint from the Trustly Group AB ("Trustly''), a provider of electronic payment ("e-payment") services established in Sweden, regarding an alleged coordinated blocking of its ability to provide its e- payment services in Norway by several members of the Norwegian banking sector.l 2. Following a preliminary review of documents collected from the relevant members of the Norwegian banking sector, the Authority decided that there was sufficient information to initiate proceedings,2 pursuant to Article 2(1) of Chapter III of Protocol 4 to the Agreement between the EFTA States on the Establishment of a Surveillance Authority and a Court of Justice ("SCA"), and require an in-depth investigation in respect ofl Finans Norge and its related organisation Bits AS; I The complaint was initially addressed to the Norwegian Competition Authority in April 2015. Pursuant to the rules governing cooperation between the EFTA Surveillance Authority and the national competition authorities of the EFTA States, the case was allocated to the Authority in October 2015: see Chapter III of Protocol 4 to the SCA and the EFTA Surveillance Authority Notice on cooperation within the EFTA Network ofCompetitionAuthorities (OJC 227,21.9.2006,p.
    [Show full text]