Leading corporate banks in Norway 2024, by market penetration

Norway's corporate banking sector in 2024 showcases a competitive landscape dominated by DNB, with a market penetration rate of 89 percent. This significant lead over competitors Nordea, Danske Bank, and SEB underscores DNB's stronghold in the Norwegian financial market. The bank's prominence extends beyond corporate services, as it also leads in total assets, reaching approximately 3.4 trillion Norwegian kroner in 2023.

Evolution of Norway's banking sector

The Norwegian banking industry has undergone significant changes over the years. While DNB maintains a dominant position, the sector has seen a shift in composition. From 1991 to 2023, the number of "sparebankar" (Norwegian savings banks) steadily declined, although they still constitute the majority of banking institutions. By 2023, Norway had 123 banks, including 85 sparebankar, 21 commercial banks, and 17 foreign bank branches. This diversification reflects the evolving financial landscape in the country. 

Accessibility and digital transformation

As the banking sector evolves, there has been a noticeable trend toward digitalization and consolidation. The decline in the number of banks aligns with the global shift towards digital banking services, potentially impacting how corporate clients interact with their financial institutions. Norway, in particular, is especially advanced in terms of digital banking penetration, with over 95 percent of the population using digital banking services.