Retail Bank

Gjensidige Bank is a pure internet bank which shall contribute to sales of a wide range of products to general insurance customers in Norway. The bank offers mortgages, car financing, unsecured lending, savings, credit cards and
day-to-day banking services. Distributi- on is mostly online, and customer service may be reached on the phone, via chat and at Gjensidige’s financial offices. Car financing is also distributed through car dealers.


Product broadening towards the affinity customers in the general insurance operation, and innovative solutions for combined sale of car financing and insurance was central in 2016. Lending growth was high, and lending to the Group’s general insurance customers consisted 76 per cent of the total lending volume in the bank at the end of the year.


Gjensidige Bank shall first and foremost underpin the Norwegian general insurance business by making a wider product range available to existing general insurance customers in Norway. The bank will continue to offer a wide range of financial services through customer-friendly digital solutions, Gjensidige’s financial offices and cooperating car dealers.

Based on a full range of banking products and attractive terms for the private market, the bank shall contribute to the Group’s growth and profitability. Gjensidige Investeringsrådgivning was merged with the bank in February 2017. The merger is expected to help increase competitiveness in the savings market, and to improve efficiency at the Group level.

The market for banking in Norway is characterized by considerable competition and a growing number of players. Gjensidige Bank will continue to offer competitive terms in segments of strategic importance for the Group.


Key figures Retail Bank

NOK million2016 2015  2014

Net interest income

797.3 721.2613.8

Total income

 871.6725.2  663.2

Write-downs and losses

(69.5) (62.3)(51.8)

Profit/(loss) before tax expense

428.5  303.6253.5 


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