Sbanken
A Norwegian digital banking brand that originated as Skandia's first online-only banking operation in Norway and is now operated by DNB Bank ASA.
Last updated August 26, 2026
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Overview
Sbanken is a Norwegian digital banking brand headquartered in Bergen. It began on 27 April 2000 when Skandia established a Norwegian branch of its Swedish online bank, Skandiabanken. The launch made Sbanken's predecessor the first online-only bank in Norway and positioned the business around remote account management, straightforward pricing and a reduced reliance on conventional branch banking. The Norwegian operation initially formed part of the wider Skandia financial-services group and used the Skandiabanken name. In 2015, the Norwegian business was separated from Skandiabanken Sweden and the broader Skandia group, becoming an independent company named Skandiabanken ASA. On 6 November 2017, it adopted the Sbanken name, creating a shorter brand intended to represent its digital banking identity in the Norwegian market. Sbanken's core offering has included deposit and savings accounts, residential and other lending, credit cards and online banking services. Its proposition has historically emphasized digital self-service, competitive or low-fee banking, and transparent access to everyday financial products. The bank built its customer relationship primarily through online and mobile channels rather than a large physical branch network. By August 2020, the business reported approximately 460,000 customers and more than 400 employees; its total assets were approximately NOK 93 billion at 31 December 2019. Sbanken was listed on the Oslo Stock Exchange as Sbanken ASA under the symbol SBANK. Its independence later ended after DNB pursued an acquisition. Norwegian competition authorities initially blocked the proposed takeover, but the transaction was ultimately permitted following the relevant complaint and governmental review process in 2022. Sbanken subsequently became a DNB-owned banking concept, with its banking services provided by DNB Bank ASA. The brand remains associated with online banking in Norway, although its ownership and operating structure are now integrated with DNB rather than being that of an independent listed bank.
History
Sbanken's origins lie in Skandia's expansion of its Swedish direct-banking model into Norway. On 27 April 2000, Skandia established a Norwegian branch of Skandiabanken, making it the first online-only bank in Norway. The model was based on delivering banking services remotely rather than through a traditional branch network. Customers could manage core banking relationships electronically, while the business competed through digital convenience and a comparatively simple cost structure. For much of its early existence, the Norwegian operation was connected to Skandiabanken Sweden and the wider Skandia group. The Norwegian business developed its own customer base and market identity as online banking became more established in Norway. In 2015, the operation was separated from Skandiabanken Sweden and the broader Skandia group. It became an independent company, Skandiabanken ASA, marking an important change from being a national branch of an international banking operation to being a standalone Norwegian financial institution. The company continued to build its proposition around digital retail banking. Its product range included savings and deposit accounts, loans, credit cards and online banking. The brand was associated with low or competitive fees, self-service account management and a focus on making everyday banking available without a large physical branch infrastructure. By August 2020, Sbanken had approximately 460,000 customers and more than 400 employees. Its reported total assets were approximately NOK 93 billion at 31 December 2019. On 6 November 2017, Skandiabanken ASA changed its name to Sbanken ASA. The rebrand gave the Norwegian company a distinct identity separate from the Skandiabanken name used in other contexts and reinforced its image as a digital bank. Sbanken was listed on the Oslo Stock Exchange under the symbol SBANK during its period as an independent public company. The next major phase began with DNB's proposal to acquire Sbanken. Because the transaction involved the combination of two significant Norwegian banking businesses, it was subject to competition review. Norwegian competition authorities initially blocked the takeover attempt, and the proposal remained subject to further administrative and governmental consideration. In 2022, after the relevant complaint and review process, DNB was ultimately allowed to complete the acquisition. Sbanken consequently ceased to operate as an independent listed bank and became a DNB-owned banking concept. The services associated with the brand are provided by DNB Bank ASA. Sbanken therefore represents two related stages in Norwegian banking history: first, the arrival and normalization of online-only retail banking; and later, the absorption of an independent digital challenger into one of Norway's largest banking groups. Its continuing identity is tied to online banking and a digitally oriented customer experience, while its corporate ownership and service infrastructure now sit within DNB.
- 2022
DNB acquisition permitted
[1]After the Norwegian complaint and review process, DNB was permitted to acquire Sbanken, which became a DNB banking concept.
- 2021
Initial DNB takeover attempt blocked
[1]Norwegian competition authorities stopped DNB's proposed acquisition during the initial review process.
- 2020
Customer base exceeds 460,000
[1]The bank was reported to have approximately 460,000 customers and more than 400 employees in August 2020.
- 2017
Rebranded as Sbanken
[1]Skandiabanken ASA changed its name to Sbanken ASA on 6 November 2017.
- 2015
Norwegian business separated from Skandia
[1]The Norwegian operation was separated from Skandiabanken Sweden and the wider Skandia group and became Skandiabanken ASA.
- 2000
Norwegian online banking operation founded
[1]Skandia established a Norwegian branch of Skandiabanken on 27 April 2000. The operation became Norway's first online-only bank.
Products and positioning
Digital-first, transparent and competitively priced banking for Norwegian retail customers.
Retail banking
Savings and deposit accounts
Sbanken's savings and deposit products formed a central part of its online retail-banking proposition. Customers could manage accounts digitally, consistent with the brand's focus on remote self-service and straightforward banking access.
Lending
Loans
The bank offered lending products, including residential loans, through its digital banking model. Lending complemented the deposit and payment products and helped establish Sbanken as a full-service retail bank rather than only a savings provider.
Payment cards
Credit cards
Credit cards were part of Sbanken's consumer banking portfolio. They were offered alongside accounts, savings products and loans through the bank's online service channels.
Digital banking · 2000
Online banking services
Online banking is the defining Sbanken offering. The brand was created as an online-only operation and built its customer experience around digital account access, self-service banking and remote management of everyday financial products.
Brand decisions
2022
Complete DNB's acquisition of SbankenM&ABackground
DNB sought to acquire Sbanken, but Norwegian competition authorities initially blocked the transaction during the review process.
Action taken
Following the relevant complaint and governmental review process, the takeover was permitted and DNB acquired Sbanken.
Aftermath
Sbanken became a DNB-owned banking concept, and its banking services were provided by DNB Bank ASA rather than by an independent listed bank.
2017
Adopt the Sbanken brandStrategyBackground
The independent Norwegian bank sought a distinct identity after its separation from the Skandiabanken and Skandia structure.
Action taken
Skandiabanken ASA changed its name to Sbanken ASA on 6 November 2017.
Aftermath
The shorter name reinforced the bank's association with digital banking in Norway.
2015
Separate the Norwegian operation from SkandiaStrategyBackground
The Norwegian Skandiabanken business had previously operated as part of Skandiabanken Sweden and the wider Skandia group.
Action taken
The Norwegian operation was separated and established as the independent company Skandiabanken ASA.
Aftermath
The change gave the business a standalone Norwegian corporate structure before its later Sbanken rebrand.
Recent events
- 2022
DNB is ultimately allowed to acquire Sbanken[1]
M&A · Regulation
Following the Norwegian review and complaint process, DNB was permitted to proceed with the takeover of its competitor. Sbanken subsequently became a DNB banking concept.
- 2021
DNB's proposed acquisition of Sbanken faces competition review[1]
M&A · Regulation
DNB's attempt to acquire Sbanken was stopped by the Norwegian competition authorities during the initial review process.
- 2017
Skandiabanken ASA adopts the Sbanken name[1]
Other
The independent Norwegian bank changed its name to Sbanken ASA on 6 November 2017.
- 2015
Norwegian Skandiabanken becomes an independent company[1]
Other
The Norwegian operation was separated from Skandiabanken Sweden and the wider Skandia group and became Skandiabanken ASA.
- 2000
Skandia launches Norway's first online-only bank[1]
Other
Skandia established a Norwegian branch of its Swedish Skandiabanken operation on 27 April 2000, creating the business that later became Sbanken.
Sources2 sources
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