Eika Gruppen

Eika Gruppen, formerly Terra-Gruppen, branded as Terra is a strategic alliance among 77 local Norwegian savings banks that co-ordinates work within the areas defined as falling within the alliance. The group supplies competitive products and services to banks and other actors within the financial sector. The services of Eika include joint solutions for product development, procurement of services and products relating to information technology and payment processing, project management, training and expertise development. The financial companies provides a wide range of financial products, including securities, insurance and real estate agencies, financing and debit cards and credit cards. The alliance has its headquarters in Oslo, Norway, and the ownerbanks has a total assets of NOK 250 billion.

Eika Gruppen AS
Private
IndustryFinancial services
Founded1997 (1997)
Headquarters
Oslo
,
Norway
Area served
Norway
Key people
Hege Beate Toft Karlsen (CEO)
Øivind Larsen
(Chairman)
ProductsSecurities, Insurance, Real estate agencies, Financing, Debit cards and Credit cards
Websitewww.eika.no

Subsidiaries
  • Aktiv Eiendomsmegling (real estate agencies incl franchise)
  • Aktiv Eiendomsoppgjør (real estate services)
  • Eika BoligKreditt (mortgage finance)
  • Eika Kredittbank (credit and debit cards, consumer finance)
  • Eika Kapitalforvaltning (funds manager)
  • Eika Forsikring (insurance)

History

The alliance was founded in 1997 as Eika Gruppen as a consequence of the new trends in Norwegian banking. Previously there had been a massive merging among Norwegian savings banks, resulting in a number of regional savings banks, the largest of these being Sparebanken NOR that was a merger between a total of more than one hundred banks. In 1996 a lot of the other large, regional banks formed an alliance called SpareBank 1 to provide an umbrella for their operations. At the same time both the large savings banks and the commercial banks had two new trends; a new technological platform with online banking and the banks providing the total spectre of financial services, also including savings, securities and insurance. Also the small, independent savings banks who had not merged needed to provide these services. As a result they formed Eika Gruppen. Since 1997, the group has acquired subsidiaries to perform a larger and larger sprectre of products. The alliance changed its name to Terra-Gruppen in 2000.

In 2007, Terra-Gruppen received a major blow in the Terra Securities scandal where former Terra Securities had sold very questionable, complex and geared investments to eight municipalities. On November 28, 2007, Terra Securities lost all concessions from the Financial Supervisory Authority of Norway and filed for bankruptcy the same day. As a consequence, CEO Ola Sundt Ravnestad retired as CEO, following board member Sverre Leiro who had retired a week earlier. New CEO was Stein Ole Larsen.

Konsernsjef (Stein Ole Larsen) and visekonsernsjef (Lise Vedde-Fjærestad) resigned in 2012, on the same day[1] that media reported about Finanstilsynet's criticism of the company.[2]

In 2012 the board resolved to return to the original Eika name and this was implemented from 21 March 2013.[3]

Member banks
Bank Website Main office Founded
Aasen Sparebank Levanger 1862
Åfjord Sparebank Åfjord 1902
Andebu Sparebank Andebu 1863
Ankenes Sparebank Narvik 1885
Arendal og Omegns Sparekasse Arendal 1890
Askim Sparebank Askim 1888
Aurland Sparebank Aurland 1883
Bamble og Langesund Sparebank Bamble 1849
Berg Sparebank Halden 1915
Birkenes Sparebank Birkenes 1859
Bjugn Sparebank Bjugn
Blaker Sparebank Sørumsand 1920
Bud, Fræna og Hustad Sparebank Fræna
Bø Sparebank Bø, Telemark 1952
Drangedal og Tørdal Sparebank Drangedal 1936
Eidsberg Sparebank Mysen 1848
Etnedal Sparebank Etnedal
Evje og Hornnes Sparebank Evje 1864
Fjaler Sparebank Fjaler 1873
Gjerstad Sparebank Sundebru
Grong Sparebank Grong 1862
Grue Sparebank Grue 1862
Haltdalen Sparebank Haltdalen
Harstad Sparebank Harstad
Hjartdal og Gransherad Sparebank Sauland 1898
Hjelmeland Sparebank Hjelmeland
Hol Sparebank Geilo
Holla og Lunde Sparebank Ulefoss
Høland Sparebank Aurskog-Høland 1849
Hønefoss Sparebank Hønefoss 1902
Indre Sogn Sparebank Årdal 1860
Jernbanepersonalets Sparebank Oslo
Klepp Sparebank Kleppe
Klæbu Sparebank Klæbu 1858
Kragerø Sparebank Kragerø
Kvinesdal Sparebank Kvinesdal 1870
Larvikbanken Brunlanes Sparebank Larvik 1911
Lofoten Sparebank Vestvågøy 1906
Marker Sparebank Ørje
Meldal Sparebank Meldal 1912
Narvik Sparebank Narvik
Nes Prestegjelds Sparebank Nesbyen 1842
Nesset Sparebank Nesset 1878
Odal Sparebank Sand 1877
Ofoten Sparebank Bogen 1899
Opdals Sparebank Oppdal 1856
Orkdal Sparebank Orkdal
Rindal Sparebank Rindal 1873
Rørosbanken Røros Sparebank Røros
Sauda Sparebank Sauda 1892
Selbu Sparebank Selbu 1859
Seljord Sparebank Seljord 1937
Setskog Sparebank Aurskog-Høland 1912
Soknedal Sparebank Midtre Gauldal
Sparebanken Bien Oslo 1885
Sparebanken Hemne Hemne 1864
Sparebanken Telespar Bærum 2003
Spydeberg Sparebank Spydeberg 1859
Stadsbygd Sparebank Rissa 1892
Strømmen Sparebank Lørenskog 1921
Sunndal Sparebank Sunndal 1893
Time Sparebank Time
Tinn Sparebank Tinn 1958
Tjeldsund Sparebank Tjeldsund 1938
Tolga-Os Sparebank Tolga 1864
Totens Sparebank Østre Toten
Trøgstad Sparebank Trøgstad 1847
Tysnes Sparebank Tysnes 1863
Valle Sparebank Setesdal 1866
Vang Sparebank Vang
Vegårshei Sparebank Vegårshei 1904
Verran Sparebank Mosvik 1907
Vestre Slidre Sparebank Slidre
Vik Sparebank Vik 1846
Ørland Sparebank Ørland 1849
Ørskog Sparebank Ørskog 1857
Øystre Slidre Sparebank Slidre
gollark: = pico millennium
gollark: =wolf picomillennium
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gollark: =wolf area of sweden in square parsecs
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References
  1. I går ble det kjent at Finanstilsynet retter ny, krass kritikk mot finanshuset Terra - fem år etter den såkalte Terra-skandalen. Innholdet i den foreløpig ikke-offentlige rapporten var så knusende at Terra-Gruppens toppledelse i går valgte å gå på dagen.
  2. http://e24.no/boers-og-finans/terra-sjefen-gaar-paa-dagen/20154356
  3. Lynum, Sissel (21 March 2013). "Lokale sparebanker dropper skandalenavn" (in Norwegian). Adresseavisen. Retrieved 12 April 2014.
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