SpareBank 1 Nord-Norge to open subsidiary bank in Russia

SpareBank 1 Nord-Norge is opening a subsidiary bank in Russia The bank will be called North-West 1 Alliance Bank (NW1AB), and it is the first time a Norwegian savings bank is entering the Russian market.

The new bank will have two bank offices in Russia, a branch in Murmansk and its head office in St. Petersburg. A total staff of 37 will serve Norwegian and Russian customers in the retail and corporate banking markets. 

"Entering this market is a milestone for us. It was primarily our own corporate clients who contacted the bank for assistance in serving their customers across the border in Russia," says CEO Hans Olav Karde.

The effort to establish a separate bank branch began already in 2006, with Deputy CEO Oddmund Åsen heading up the development work from the bank's end.
In May 2007 SpareBank 1 Nord-Norge was awarded a licence to open a representative office in Murmansk that only had an advisory function for our customers. In May 2008 SpareBank 1 Nord-Norge purchased a 10 % stake in Bank Tavrichesky, which has its head office in St. Petersburg. 

"The partnership with Bank Tavrichesky has given us the knowledge we needed while we were setting up operations in Russia. Entering a foreign market requires planning for the long term and a detailed understanding of the local culture and business mindset," Karde says.

The Board of NW1AB consists of seven persons, five of whom are Norwegians. It is chaired by Deputy CEO Oddmund Åsen.

The CEO of the new bank is Russian, with the remainder of executive management consisting of persons coming from SpareBank 1 Nord-Norge.

Any questions may be addressed by phone to the CEO of SpareBank 1 Nord-Norge, Hans Olav Karde, on +47 901 51 981, or Deputy CEO Oddmund Åsen on +47 906 72 757.

Tromsø/St. Petersburg, 16 September 2010
for SpareBank 1 Nord-Norge
Stig Arne Engen
Director of Communications