Bankia offers a self-serve service similar to ING Direct of the Netherlands, where clients do not have access to regular banking services, but are offered a few niche consumer products at very competitive prices. Most notably savings accounts that are used to fund a single specific product like credit cards (Bankia) or mortgages (ING).
Bankia was established by four individuals; Tor Erland Fyksen, Jan Grenth, Eirik Holtedahl, and Raimond Pettersen, having raised approx. USD 20 million from Norwegian investors. The bank achieved about 110,000 clients before it was sold to Banco Santander in Spring 2005 for NOK 435 mill. (USD 67 mill.). It had become Norway's most profitable bank in terms on return on equity.
In December 2005, Fyksen, Grenth, and Holtedahl established a second bank in Luxembourg offering the same products. The new bank, Advanzia Bank, had by year-end 2006 become the largest Luxembourg credit card issuer, being the only bank offering no-fee credit cards in Luxembourg and Germany.
The first bank in Norway to offer no-fee basic consumer banking products, was Skandiabanken AB which introduced its Internet banking solution in April 2000. The bank had by 2004 become the largest Norwegian retail bank in terms of Internet users, surpassing the major retail bank Postbanken.
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Last updated on Friday May 23, 2008 at 06:25:02 PDT (GMT -0700)
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Bankia offers a self-serve service similar to ING Direct of the Netherlands, where clients do not have access to regular banking services, but are offered a few niche consumer products at very competitive prices. Most notably savings accounts that are used to fund a single specific product like credit cards (Bankia) or mortgages (ING).
Bankia was established by four individuals; Tor Erland Fyksen, Jan Grenth, Eirik Holtedahl, and Raimond Pettersen, having raised approx. USD 20 million from Norwegian investors. The bank achieved about 110,000 clients before it was sold to Banco Santander in Spring 2005 for NOK 435 mill. (USD 67 mill.). It had become Norway's most profitable bank in terms on return on equity.
In December 2005, Fyksen, Grenth, and Holtedahl established a second bank in Luxembourg offering the same products. The new bank, Advanzia Bank, had by year-end 2006 become the largest Luxembourg credit card issuer, being the only bank offering no-fee credit cards in Luxembourg and Germany.
The first bank in Norway to offer no-fee basic consumer banking products, was Skandiabanken AB which introduced its Internet banking solution in April 2000. The bank had by 2004 become the largest Norwegian retail bank in terms of Internet users, surpassing the major retail bank Postbanken.
This article is licensed under the GNU Free Documentation License.
Last updated on Friday May 23, 2008 at 06:25:02 PDT (GMT -0700)
View this article at Wikipedia.org - Edit this article at Wikipedia.org - Donate to the Wikimedia Foundation
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