From Wikipedia, the free encyclopedia
Den norske Creditbank or DnC is a defunct Norwegian commercial bank created in 1857. In 1990 it merged with Bergen Bank to create Den norske Bank (DnB). The bank was based in Oslo and listed on the Oslo Stock Exchange.
[edit] History
During the 1960s and 70s the bank bought or merged with a number of regional and local banks in Norway, including Odda By- og Bygdebank (1964), Porsgrunds Ørebank (1964), Røkens Bank 1964, Oplandske Kreditbank (1966), Horten og Omegns Privatbank (1970), Privatbanken i Sandefjord (1970), Østfold Privatbank (1970), Finnmarkens Privatbank (1973), Haugesunds Forretningsbank (1973) and Opplandsbanken (1980). In 1990 DnC was forced to merge with Bergen Bank, due to the bank crisis in Norway. This was due to that many of the mayor banks in Norway were almost bankrupt at the time, due to high-risk lending during the 1980s, and the lack of ability to liquidise their mortgages after the fall in housing prices in the late 1980s. DnB was taken over by the Norwegian Ministry of Finance and based in Bergen.
