Sparebanken Sør is the largest and most important bank for Sørlandet and parts of Telemark.
The Bank’s history goes back to Arendals Sparebank, which was established in 1825. We have been providing proactive assistance for individual customers, industry and commerce for 181 years, thereby helping to boost the development within the region. Through mergers and the opening of new branches, the Bank has developed into a regional savings bank, with a local presence through 28 branches within the region’s three counties – from Kragerø in the east to Farsund in the west. The Bank’s head office is located in Arendal.
Savings banks are self-owning institutions – which means that the Bank has no owners. However, savings banks may issue Primary Capital Certificates in order to strengthen their equity capital. Sparebanken Sør has chosen not to issue such instruments, but has built up its financial strength through profitable operations, retained earnings having been added to its equity capital every year. In recent years, the Bank’s growth has been strong and in 2006 the Bank therefore raised a NOK 300 million subordinated loan in order to further boost its financial strength.
The Bank’s business concept is to help create wealth and value added for people, industry and commerce, through being close to the market, coupled with independence and local powers of decision. Sparebanken Sør has decided not to join any of the alliances within the savings bank sector, but works with other savings banks in the same situation on projects where this approach is appropriate. Amongst other things, the Bank has entered into agreements relating to the sale of niche products from other product providers, such as nonlife insurance and fund-based saving. Through such co-operation arrangements, the Bank becomes cost-effective, and a provider of all products and services to the market.
