Sparebankstiftelsen DnB NOR

Sparebankstiftelsen DnB NOR

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Sparebankstiftelsen DnB NOR

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Description:
Sparebankstiftelsen DnB NOR is a Norwegian foundation. The foundation gives financial contributions to a wide range of charitable causes, and is the second largest shareholder of the financial services company DnB NOR. The foundation's capital is a result of accumulated profits from the former savings banks which are now part of DnB NOR. The foundation may allocate up to 25% of the paid dividends to charity, with the purpose of continuing the savings banks' tradition of giving monetary gifts to non-profit causes. The board of the foundation is elected among all the customers of DnB NOR.In addition to giving direct financial contributions, the Savings Bank Foundation invests in causes that benefit the general public. In 2005, they founded the instrument fund, dextra Musica, with the aim to promote classical music. The fund owns a valuable collection of string instruments which have been placed at the disposal of Norwegian musicians. Furthermore, the foundation invests in fine art which is being exhibited at art museums in Norway.

History

The foundation was created when the two savings banks Sparebanken NOR (bank) and Gjensidige (insurance) merged to Gjensidige NOR and in 2002 became a public limited company and listed on Oslo Stock Exchange. The foundation was created to own part of the company to continue the tradition that the customers of savings bank's own part of the bank. When Gjensidige NOR merged with Den norske Bank in 2003 to form DnB NOR in 2003 the company...
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