DOCSLIB.ORG

Annual Report 2019 Mutual Funds

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2019 Mutual Funds Annual report 2019 Mutual funds Content Introduction 3 Our team 4 Our funds 5 Annual report 2019 8 Annual accounts 2019 12 Notes to the fund 15 Auditors report 25 «It’s all about highest possible long term returns” Odd Hellem, investment director A particularly strong year for our funds 2019 was a very good year for the unit Active vs. Passive management holders in our funds. The funds generally One topic that is regularly often in the media delivered strong returns both in absolute is active vs passive management. Here we terms and relative to the market. It is are a bit like “Winnie the pooh” and say, great to see that the good return results yes thank you, both. We are convinced are being noticed and that more and more that through focused active management new customers are joining; many based on it is possible to create a significant excess recommendations. Our total assets grew return against the index over time. The by more than 50% in 2019, and there was more people who go the index route, the good growth in both equity and fixed income better the framework conditions for an management. We would like to thank you for active manager like us. At the same time, the trust you as customers have shown us, we believe that the framework conditions and can promise that we will do our utmost to for creating excess returns are significantly create a good return for our unit holders also better in smaller markets (such as Norway / in the future. the Nordic countries) than in a broad global mandate. Our funds have over time delivered In recent years, we have been through a a significant excess return, and perhaps the period in which growth stocks have performed best example is Fondsfinans Norge where emissions. In the long run, we expect that both significantly better than value stocks driven investors since inception 17 years ago have measurement methods, carbon pricing and a by falling interest rates (see graph). As a achieved 1124% return (15.9% pa) against broader focus on the entire ESG area will lead to value-oriented manager, we are extra pleased the benchmark index which is up 710% the companies receiving far more comprehensive that, despite this, we have managed to deliver (13.1% pa) during the same period. ESG reporting than today. Towards the end of a good excess return to our unit holders. We Long-term perspective is important for active this decade, we believe ESG reporting will be an believe that we are now facing a period in management. Other important criteria when important part of a company’s annual report. We which investors will again have an increased choosing an active manager are: want to be a driving force in such a development focus on underlying values ​​in the company, in order to increase the awareness of companies and that this will benefit our management - Consistent management strategy that has and other investors around the entire ESG area. style. delivered excess returns over time Today, there are relatively few companies that - A focused team with a good track record investors characterize as environmentally sound On September 12, we launched the fund - A size of management that makes it investments. The increased demand this entails Fondsfinans Utbytte. The fund focuses on the possible to run good active management. If means that these shares may be overpriced. factors «quality and dividend», and important a fund becomes too large, it loses a lot of Through active follow-up and good analyzes, criteria for the companies the fund invests in flexibility we seek at an early stage to also identify new are: - Competitive costs companies that put ESG’s work in focus. - High return on capital A common effort for the climate! Fondsfinans Kapitalforvaltning has signed - Robust competitive advantage The world is facing significant climate the UN PRI (UN Principles for Responsible - Solid balance challenges. As an asset manager, we have Investment), in which we undertake to report - Good long-term potential to pay dividends an important responsibility to ensure that our our measures in relation to the six principles for - Skilled board and management as owner investments contribute in a positive direction responsible investments prepared by the UN. At shares in the company to solve these challenges, at the same time the same time, we have the ambition that our as we as an active manager must deliver a office operations will be climate neutral, and buy The fund has got off to a very good start with good return to our unit holders. Until now, allowances to overcompensate for our emissions. a significant excess return against the index the ESG (Environment, Social Affairs and (+ 8% since its inception on 31.01.2020 *) Good Corporate Governance) debate has About 2020 and good interest from investors. mainly revolved around climate and carbon In January, we conducted several seminars with the theme «Economic outlook 2020». FårWill verdiaksjer value stocks et tilbakeslag return in i2020? årene fremover? Both the report and video recordings from the IndexIndeks seminars are available on our website. For 2020, we have more moderate expectations for the 8 return in the stock market. We have put a very 7 good 2019 behind us, and the pricing of some 6 shares is starting to be relatively high. However, 5 some of the traditional value shares are still 4 relatively moderately priced, so we believe that it is appropriate to have a predominance of 3 value shares in the portfolio. We believe that 2 investing in the high-yield market will provide a 1 satisfactory return in 2020. 0 1995 2000 2005 2010 2015 2020 I wish you all a good investment year! S&P 500 Value S&P 500 Growth Ivar Qvist Kilde: Bloomberg *Source: Morningstar 31/1-2020 Annual report Fondsfinans Kapitalforvaltning 2019 3 Our team Ivar Qvist (born 1965) CEO BACK OFFICE Qvist graduated with a master’s degree in economics from NHH in 1990. He is further trained Anne-Lise Almeland (born 1962) Controller as an fixed income analyst from NFF in 1995. Qvist Almeland graduated with a master’s degree in came from Storebrand and has previously worked economics from NHH in 1986. She has previously in Wilh. Wilhelmsen, Norske Skog and the Oslo worked for Aetat / NAV. Almeland joined the Stock Exchange. He has more than 25 years of company in 2008. experience from the financial markets. Qvist joined the company in 2014. Vilde Fjeldstad (born 1995) Back office Fjeldstad is a student at BI Norwegian Business FUND MANAGEMENT School. Fjeldstad has been a part-time employee of Fondsfinans Kapitalforvaltning since the autumn Odd Hellem (born 1954) Investment director of 2017. Hellem graduated with a master’s degree in economics from NHH in 1977. He has further education as an Authorized Financial Analyst Julie Stenberg (born 1996) Back office (1993), Portfolio Manager exam NFF (2001) and Stenberg is a student at BI Norwegian Business MBA. Hellem has almost 40 years of experience School. Stenberg has been a part-time employee from the financial markets. He has previously of Fondsfinans Kapitalforvaltning since the autumn worked in Bankinspeksjonen, Christiania Bank of 2018. og Kreditkasse, Finansbanken (founder) and Fondsfinans. Hellem joined the company in 2003. COMPLIANCE Arne Simensen (born 1980) Fund manager Arne S. Lien (born 1959) Compliance Simensen holds a Master of Science (MSc) from the Lien has a degree in business economics. He has Stockholm School of Economics. He has previously previously worked for Fellesbanken, Finanshuset worked for Morgan Stanley and Verdane Capital. / FIBA, Karl Johan Fonds, Danske Securities and Simensen joined the company in 2015. Fondsfinans. Lien joined the company in 2013. ACCOUNTING/RISK Anita Skålin (born 1969) Accounting/Risk Erlend Lødemel (born 1970) Fund manager Skålin graduated with a degree in Business Lødemel has an MBA from the University of Denver Administration and a Candidate from a University and over 20 years of experience from the financial College in 1992 from Kongsberg College of markets. He has previously worked in Arctic Engineering. She is also an authorized public Securities, DNB and as a Fund manager in DnB accountant from BI in 2004. She has previously Investor. Lødemel joined the company in 2016. worked in Avanse Forvaltning and in XL-Bygg Drammen. SALES/MARKETING Harald Berge (born 1988) Fund manager Berge graduated with a master’s degree in Marius Stendebakken (born 1968) Head of sales economics from NHH in 2015. He has previously Stendebakken holds a Diploma in Business worked as a real estate analyst at Norges Bank Administration from BI and has special subjects Investment Management. Prior to that, he worked in company law from the University in Oslo. He as a Summer Intern at DNB Markets. Berge joined has worked at Delphi Fondene and Danske Bank. the company in 2018. Stendebakken joined the company in 2014. Tore Elstad Forbrigd (born 1959) Head of sales Forbrigd has a master’s degree in economics from Lasse Halvorsen (born 1946) Fund manager the Université de Friborg in Switzerland with exams Halvorsen holds a Cand.act (actuary) from in German and French. Started in Fondsfinans in University of Oslo. He has previously worked 1987, worked as a broker and analyst with clients in Fellesbanken and Fondsfinans. Halvorsen joined in Norway and internationally. Forbrigd started in the company in 2012. the company in 2018. Axel Aulie (born 1976) Marketing / Back office Mads Andreassen (born 1980) Fund manager Aulie has a master’s degree in economics Andreassen has a Master of Business from Leicester University of England in 2001. Administration from NHH. He has worked with He has previously worked in Orkla Finans and asset management since 2004.
Load more

Recommended publications
  • The Norwegian Banks in the Nordic Consortia: a Case of International Strategic Alliances in Banking 1
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics Financial The Norwegian Banks in the Nordic Institutions Consortia: A Case of International Center Strategic Alliances in Banking by Siv Fagerland Jacobsen Adrian E. Tschoegl 97-39 THE WHARTON FINANCIAL INSTITUTIONS CENTER The Wharton Financial Institutions Center provides a multi-disciplinary research approach to the problems and opportunities facing the financial services industry in its search for competitive excellence. The Center's research focuses on the issues related to managing risk at the firm level as well as ways to improve productivity and performance. The Center fosters the development of a community of faculty, visiting scholars and Ph.D. candidates whose research interests complement and support the mission of the Center. The Center works closely with industry executives and practitioners to ensure that its research is informed by the operating realities and competitive demands facing industry participants as they pursue competitive excellence. Copies of the working papers summarized here are available from the Center. If you would like to learn more about the Center or become a member of our research community, please let us know of your interest. Anthony M. Santomero Director The Working Paper Series is made possible by a generous grant from the Alfred P. Sloan Foundation The Norwegian Banks in the Nordic Consortia: A Case of International Strategic Alliances in Banking 1 August 1997 Release 1.05 (Not released yet) Comments are welcome. Abstract: Despite the scholarly interest in joint ventures and strategic alliances, the consortium bank movement represents an under-researched phase in post-war banking history.
    [Show full text]
  • Norges Private Aksjebanker Og Sparebanker 1939
    r Offll Sttt, r I .: (Stt Offll d l rvè, r I t X). Rekke IX. Trykt 1940. Nr.185. Skolestatistikk 1936-37. (Instruction publique.) - 186. Norges jernbaner 1938-39. (Chemins de fer norvégiens.) - 187. Kriminalstatistikk 1937 og 1938. (Statistique de la criminalité pour les années 1937 et 1938.) - 188. Norges industri 1938. (Statistique industrielle de la Norvège.) - 189. Skattestatistikken 1939-40. (Répartition d'impôts.) - 190. Telegrafverket 1938-39. (Télégraphes et téléphones de l'État.) - 191. Jordbrukstellingen 20. juni 1939. Første hefte. Arealet, husdyrholdet in. v. Her- redsvise oppgaver. (Recensement au 20 juin 1939. I. La superficie, animaux domestiques etc.) - 192. Folkemengdens bevegelse 1938. (Mouvement de la population.) - 193. Sinnssykeasylenes virksomhet 1938. (Statistique des hospices d'aliénés.) - 194. Sunnhetstilstanden og medisinalforholdene 1938. (Rapport sur l'état sanitaire et medical.) - 195. Norges fiskerier 1938. (Grandes pêches maritimes.) - 196. Norges kommunale finanser 1936-37. (Finances des communes.) - 197. Norges Postverk 1939. (Statistique postale.) - 198. Norges Handel 1939. (Commerce.) - 199. Skolestatistikk 1937-38. (Instruction publique.) - 200. Kommunenes gjeld m. v. pr. 30. juni 1940. (Dette etc. des communes.) . rt 1941. Nr. 1. Bureising med statsstøtte 1921--36. Telling pr. 20. juni 1938. (Colonisation en Norvège subventionnée par l'Etat 1921-36. Recensement au 20 juin 1938.) - 2. Forsikringsselskaper 1939. (Sociétés d'assurances.) - 3. Syketrygden 1939. (Assurance-maladie nationale.) - 4. Norges bergverksdrift 1939. (Mines et usines.) - 5. Norges private aksjebanker og sparebanker 1939. (Statistique des banques privées par actions et des caisses d'épargne.) - 6. Meieribruket i Norge 1939. (L'industrie laitière de la Norvège.) - 7. Norges jernbaner 1939-40, (Chemins de fer norvégiens.) - 8.
    [Show full text]
  • From Grain to Group
    ANNUAL REPORT 2020 From grain to group A bank for people and businesses in towns and villages for 175 years Content Page How to read our report 3 SpareBank 1 Østlandet in brief 4 Financial targets and achievement 6 A word from the CEO 8 The macro picture 10 1. About SpareBank 1 Østlandet 12 1.1 Key figures from the Group 14 1.2 The equity capital certificate 18 1 1.3 Our strategic focus 22 1.4 A look back at 2020 28 1.5 Our proud history - from grain to group 30 2. Group Management 38 Organisation chart and stakes 40 Group Management 41 Financial Advisers Elisabeth Færevaag and Joachim Vorkinn. Oslo. 2 Business areas and support functions 42 2.1 Corporate governance 44 2.2 Business description 56 How to read our report 2.3 The Bank's social role 68 2.4 Our employees 76 This annual report is an integrated includes the Board of Directors’ Report, report based on the IIRC’s principles for Income Statement, Balance Sheet, 3. Our material sustainability topics 80 integrated reporting. It describes how Changes in Equity, Cash Flow Statement, Framework for our sustainability initiative 82 SpareBank 1 Østlandet contributes to Notes, Statement from the Board of 3.1 Responsible lending 84 sustainable growth and the development Directors and CEO, Auditor’s Report 3 3.2 Combating economic crime 92 of our customers, owners, employees and and Subsidiaries. society as a whole. 3.3 Ethics and anti-corruption 94 The main part is followed by a number of 3.4 Requirements for providers of financial services 96 The Chapter ‘About SpareBank 1 appendices, including ‘Further facts about 3.5 Ethical marketing of products and services 98 Østlandet’ presents key figures from the SpareBank 1 Østlandet’s sustainability Group and an overview of the develop- work’.
    [Show full text]
  • Annual Report 2003
    Annual report 2003 The Group’s annual report has been approved by the Board of Directors in the original Norwegian version. This is an English translation. Shareholders registered as owners in DnB NOR ASA with the Norwegian Central Securities Depository (VPS) can now receive annual reports electronically instead of by regular mail. For more information, please contact your VPS registrar or go directly to www.vps.no/erapport.html. Contents This is DnB NOR ............................................................................... 4 Key figures ......................................................................................... 5 Establishment of the Group ..................................................... 6 From the desk of the CEO ........................................................ 7 Directors’ report ............................................................................. 8 Corporate governance in DnB NOR ................................ 20 DnB NOR stakeholders: Shareholders .......................................................................... 26 Customers ................................................................................ 30 Employees ................................................................................ 32 Society ....................................................................................... 34 Business areas .............................................................................. 37 Annual accounts .........................................................................
    [Show full text]
  • PROSPECTUS Aega
    PROSPECTUS Aega ASA (A Norwegian public limited liability company incorporated under the laws of Norway) Listing on Oslo Axess of 4,991,184 new shares in Aega ASA issued in connection with a completed private placement of shares at a subscription price of NOK 3.00 per share directed towards existing shareholders and Norwegian and international investors. Listing on Oslo Axess of 3,000,000 new shares in Aega ASA with a subscription price of NOK 3.00 per share issued as consideration in connection with a purchase of certain assets from Solex AS (previously named Aega Solar AS). This prospectus (the "Prospectus") has been prepared in connection with the listing (the "Listing") on Oslo Axess, a regulated market place operated by Oslo Børs ASA (the "Oslo Stock Exchange") by Aega ASA, a public limited liability company incorporated under the laws of Norway, ("Aega" or the "Company" and, together with its consolidated subsidiaries, the "Group") of (i) 4,991,184 new shares in the Company, each with a nominal value of NOK 1.00, (the "Private Placement Shares") issued in a private placement directed towards the Company’s existing shareholders, Norwegian and international institutional investors completed on 19 December 2016 (the "Private Placement") at a subscription price of NOK 3.00 per Private Placement Share, and (ii) 3,000,000 new shares in the Company, each with a nominal value of NOK 1.00 (the "Consideration Shares" and, together with the Private Placement Shares, the "New Shares") issued to Solex AS ("Solex") at a subscription price of NOK 3.00 per Consideration Share as consideration for assets acquired by the Company from Solex pursuant to an asset purchase agreement dated 9 December 2016 (the "Solex Transaction").
    [Show full text]
  • Norges Banks Arbeid Med Avregning Og Oppgjør – Et Historisk Perspektiv
    Norges Banks arbeid med avregning og oppgjør – et historisk perspektiv Harald Haare, spesialrådgiver, Avdeling for betalingssystemer i Norges Bank På en vanlig dag gjennomføres mer enn tre millioner betalingstransaksjoner i Norge. Enkelte dager kan antallet være langt høyere. Transaksjonene avregnes og gjøres opp i det norske betalingssystemet. Med avregning menes at flere transaksjoner motregnes mot hverandre. Med oppgjør menes at resultatet av avreg- ningen bokføres på bankenes konti i en oppgjørsbank. Norges Bank er oppgjørsbank for alle de store norske bankene. Samlet utgjør verdien av alle transaksjonene om lag 300 milliarder kroner på en gjennomsnittlig dag. Det betyr at et beløp tilsvarende bruttonasjonalproduktet for Fastlands-Norge omsettes gjennom beta- lingssystemene på mindre enn en uke. Først 82 år etter opprettelsen av Norges Bank fikk Norge en avregnings- og oppgjørsordning som ligner dagens løsning. Norges Bank fikk her en sentral rolle. Funksjonen som oppgjørsbank er i dag en veletablert oppgave for Norges Bank1. Dagens ordning ligger imidlertid langt fra den aktivitet som Norges Bank hadde på dette området rett etter at den var etablert i 1816. Norges Bank skulle da sørge for at det norske samfun- net hadde betalingsmidler, det vil si sedler og mynt, som det var tiltro til. På et tidlig tidspunkt tilbød imid- 111 lertid banken overføring av midler mellom bankens avdelinger i byer hvor den hadde avdeling. Denne artikkelen beskriver i første rekke enkelte viktige hendelser i det norske avregnings- og oppgjørs- systemet i perioden fra 1816 og fram til og med 2. verdenskrig. Bakgrunnen for opprettelsen av vesen var opprettelsen av Norges Bank i 1816.4 Banken Norges Bank ble etablert som en privat aksjebank.
    [Show full text]
  • Konsern-Aarsrapport-Dnb-2013.Pdf
    DNB-KONSERNET | Årsrapport 2013 Årsrapport 2013 DNB-KONSERNET VIKTIGE HENDELSER I 2013 1. KVARTAL 2. KVARTAL ▪ Det ble oppnådd politisk enighet i EU om nytt regelverk for ▪ DNB og Posten Norge avtalte å fortsette samarbeidet som kapitaldekning i kredittinstitusjoner og verdipapirforetak, sikrer betjening av bankens kunder i Postens ekspedisjonsnett. CRR og CRD IV. Avtalen ble forlenget frem til utgangen av 2019. ▪ DNB tapte en sak i Høyesterett knyttet til to lånefinansierte ▪ Porteføljen av personkunder og små og mellomstore bedrifter strukturerte produkter og ble dømt til å betale erstatning i Polen ble overført til en polsk bank i henhold til tidligere til saksøker. Som en konsekvens ble det regnskapsført en inngått salgsavtale. avsetning på 450 millioner kroner til inndekning av mulige ▪ Indiske Tata Consultancy Services, TCS, ble valgt som frem- erstatninger til andre kunder som har gjort lånefinansierte tidig leverandør av IT utviklings- og forvaltningstjenester investeringer i enkelte strukturerte produkter. for DNB. 3. KVARTAL 4. KVARTAL ▪ DNB var fortsatt eneste nordiske bank som ble tatt opp i ▪ Finansdepartementet innførte ny forskrift om motsyklisk kapital- Dow Jones Sustainability Index, DJSI. DJSI er en global indeks buffer på mellom 0 og 2,5 prosent. Bufferen ble i desember som måler prestasjoner på områdene økonomisk bærekraft, fastsatt til 1 prosent som startverdi og vil gjelde fra 30. juni 2015. samfunn og miljø, og omfatter de 10 prosent beste bedriftene ▪ Finansdepartementet fastsatte nye regler for hvordan innen hver bransje. bankenes boliglån skal vektes i kapitaldekningsberegningene. ▪ Resultatene fra en undersøkelse utført av analyseselskapet ▪ Det ble inngått avtale om drift av konsernets ikke-stormaskin- Socialbakers viste at DNB var blant de bankene i verden som baserte IT-systemer med HCL Technologies.
    [Show full text]
  • Skriftserie Nr. 48 (Pdf)
    NORGES BANKS ROLLE PÅ FINANSSEKTOROMRÅDET I PERIODEN 1945–2013, MED SÆRLIG VEKT PÅ FINANSIELL STABILITET HARALD HAARE, ARILD J. LUND OG JON A. SOLHEIM NORGES BANKS SKRIFTSERIE OCCASIONAL PAPERS NO. 48 Norges Banks skriftserie / Occasional Papers can be ordered by e-mail: [email protected] or from Norges Bank, Subscription Service P.O.Box 1179 Sentrum N-0107 Oslo ©Norges Bank 2015 The text may be quoted or referred to, provided that due acknowledgement is given to the authors and Norges Bank. Views and conclusions expressed in this paper are the responsibility of the authors alone. Previously issued in this series: (Prior to 2002 this series also included doctoral dissertations written by staff members of Norges Bank. These works are now published in a separate series: ”Doctoral Dissertations in Economics”.) Nr. 1 Leif Eide: Det norske penge- og kredittsystem, Oslo 1973, No. 25 Ingunn M. Lønning: Controlling Inflation by use of the utgått, erstattet med nr. 23 Interest Rate: The Critical Roles of Fiscal Policy and No. 1 Leif Eide: The Norwegian Monetary and Credit System, Government Debt, Oslo 1997 (Doct.d.) Oslo 1973, replaced by No. 23/24 No. 26 ØMU og pengepolitikken i Norden, Oslo 1998 Nr. 2 En vurdering av renteutviklingen og rentestruk turen i No. 27 Tom Bernhardsen: Interest Rate Differentials, Capital Norge, Oslo 1974 Mobility and Devaluation Expectations: Evidence from No. 3 Arne Jon Isachsen: The Demand for Money in Norway, European Countries, Oslo 1998 (Doct.d.) Oslo 1976 No. 28 Sentralbanken i forandringens tegn. Festskrift til No. 4 Peter Karl Kresl: The Concession Process and Foreign Kjell Storvik, Oslo 1999 Capital in Norway, Oslo 1976 No.
    [Show full text]
  • 1. Risikofaktorer
    DnB NOR Bank ASA, prospekt av 26. oktober 2006 REGISTRERINGSDOKUMENT Prospekt for obligasjonslån Registreringsdokument Tilrettelegger Oslo, 26. oktober 2006 Utarbeidet av DnB NOR Markets 1 av 47 DnB NOR Bank ASA, prospekt av 26. oktober 2006 REGISTRERINGSDOKUMENT Viktig informasjon* Registreringsdokumentet har blitt utarbeidet i forbindelse med tilbud om tegning eller kjøp av Låntakers obligasjonslån og eventuelt søknad om opptak av ett eller flere av disse på Oslo Børs eller annen relevant børs. Oslo Børs har kontrollert og godkjent Registreringsdokumentet i henhold til Verdipapirhandellovens § 5-7. Ny informasjon av vesentlig betyding for Selskapet eller dets datterselskaper kan bli kjent etter offentliggjøring av Registreringsdokumentet, men før tegningsperiodens utløp eller notering av obligasjonslån. Slik informasjon vil bli publisert som et tillegg til Registreringsdokumentet i henhold til Verdipapirhandellovens § 5-15. Verken utgivelsen eller utleveringen av Registreringsdokumentet skal, under noen omstendighet, skape inntrykk av at informasjonen heri er fullstendig eller korrekt på et tidspunkt etter datering av Registreringsdokumentet eller at Selskapets eller dets datterselskapers forretningsvirksomhet ikke kan ha blitt endret. Det er kun Selskapet og Tilrettelegger som er berettiget til å skaffe informasjon om forhold beskrevet i Registreringsdokumentet. Informasjon som er skaffet av enhver annen person har ikke relevans i forhold til Registreringsdokumentet og skal derfor ikke bli stolt på. Registreringsdokumentet er underlagt norsk lov, såfremt ikke annet er uttrykkelig uttalt. Enhver uenighet vedrørende Registreringsdokumentet skal bli løst ved norsk rett. Distribusjon av Registreringsdokumentet kan være begrenset ved lov i enkelte jurisdiksjoner, dette kan gjelde eksempelvis USA og Storbritannia. Oslo Børs' kontroll og godkjennelse av Registreringsdokumentet innebærer at dokumentet kan benyttes i enhver annen EØS-stat.
    [Show full text]
  • DNB Group Annual Report 2012 B
    N YE RAMMEBETINGELSER DNB GROUP ANNUAL REPORT 2012 B Annual report 2012 DNB GROUP DNB PROFIL & DESIGN WEI QING DNB PROFIL DNB GROUP DNB GROUP DNB A nnual report 2012 nnual report Mailing address: P.O.Box 1600 Sentrum N-0021 Oslo Visiting address: Dronning Eufemias gate 30 Bjørvika, Oslo dnb.no IMPORTANT EVENTS In 2012 1 ST 2 ND QUARTER QUARTER ▪ Finanstilsynet’s new rules on a minimum 15 per cent down ▪ DNB launched the savings products SuperSave and Junior payment for home mortgages entered into force HomeSave ▪ DNB established a pilot project for Norwegian bank production ▪ DNB’s shares in Nordisk Tekstil Holding AS, which were acquired in Latvia in 2009, were sold at a profit after a successful restructuring ▪ DNB Livsforsikring signed a contract to purchase the three process buildings which constitute the Group’s new headquarters ▪ DNB and two large Swedish banks were downgraded one notch in Bjørvika in Oslo by Moody’s credit rating agency 3 RD 4 TH QUARTER QUARTER ▪ DNB presented new financial targets at its Capital Markets Day ▪ T he EU Ministers of Finance decided to establish a single super- event visory authority for the largest banks in the eurozone ▪ DNB continued to climb on Ipsos MMI’s Norwegian corporate ▪ Nordlandsbanken and DNB were formally merged reputation list and was ranked best among the banks ▪ DNB entered into an agreement to sell the branch network ▪ DNB still qualified for inclusion in the Dow JonesS ustainability in Poland Index and thus remained among the top 10 per cent companies within its industry group
    [Show full text]
  • Annual Report 2007
    Årsrapport DnB NOR-konsernet 2006Årsrapport NOR-konsernet DnB Annual report 2007 NOR Group DnB Annual Annual report 2007 Useful information The Group’s annual report includes the report from The annual report also includes a review of develop- the Board of Directors of DnB NOR ASA and audited ments in the DnB NOR Group’s business areas annual accounts for 2007. The annual accounts of and support units, a description of management the DnB NOR Group have been prepared in accord- in DnB NOR and key measures to promote the ance with IFRS, International Financial Reporting health, well-being and development of the Group’s Standards, while the annual accounts of DnB NOR employees. ASA have been prepared in accordance with Nor- wegian IFRS regulations. DnB NOR Group Largest entities: DnB NOR Bank 1) Vital 1) DnB NOR Asset Management 1) DnB NOR Bank is the largest Vital is Norway’s leading DnB NOR Asset Management entity in the DnB NOR Group provider of life insurance is Norway’s largest fund man- and Norway’s largest bank, of- products and pension ager and has a leading position fering services to the corporate, savings. within discretionary asset man- retail and securities markets agement for institutional clients and the public sector. in Norway and Sweden. 1) These units prepare separate reports. Other sources of information Annual General Meeting Corporate social responsibility report 2007 The Annual General Meeting will be held on 30 April The report is available on www.dnbnor.com/csr. 2008 at 6 p.m. at DnB NOR’s premises in Kirkegt.
    [Show full text]
  • The Impact of Bank Consolidation on Commercial Borrower Welfare
    The Impact of Bank Consolidation on Commercial Borrower Welfare Jason Karceski University of Florida [email protected] Steven Ongena Tilburg University and CentER [email protected] ∗ David C. Smith Board of Governors of the Federal Reserve System [email protected] November 2002 ∗ Corresponding author. Business phone: (202) 452-3827. Fax: (202) 452-6424. Mailing address: 20th and C Streets NW, Mailstop 19, Washington, D.C. 20551. The views of this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System or of any other person associated with the Federal Reserve System. We thank Hans Degryse, Mark Flannery, Dale Henderson, Michael Ryngaert, Marc Zenner, and workshop participants at the 2000 CEPR Summer Conference, Norwegian School of Management BI, and Tilburg University for providing helpful comments. Ongena received partial support for this research from the Fund for Economic Research at Norges Bank. The Impact of Bank Consolidation on Commercial Borrower Welfare Abstract We estimate the impact of bank merger announcements on borrowers’ stock prices for publicly- traded Norwegian firms. In addition, we analyze how bank mergers influence borrower relationship termination behavior and relate changes in the propensity to terminate to borrower abnormal returns. We demonstrate that borrowers lose, on average, about 0.76 percent in equity value when their bank is announced as a merger target. Small borrowers of target banks are especially hurt in mergers involving two large banks, where they lose an average of about 1.8 percent.
    [Show full text]