Tag Archives: DNB

DNBs New York-kontor: Ser store muligheter med Biden som president

NEW YORK (E24): Leder av New York-kontoret til DNB, Mats Wermelin, mener USAs nye president Joe Biden vil være bra for norsk industri.

BØRS OG FINANS – Det har vært en utrolig merkelig tid. Jo nærmere valget vi har kommet har det blitt tydeligere at landet og den nåværende presidenten har mer egeninteresse og har satt USA først, sier han, og trekker frem at han mener Biden minsker den geopolitiske risikoen.

– Jeg ser store muligheter fremover med Biden. Både for norsk industri og norske kunder. Vi ser at USA kommer tilbake til verdenspolitikken, sier han og viser E24 inn i det kjente MetLife bygget hvor DNB holder til med sine 122 ansatte.

Selv om MetLife-bygget er et av verdens største kontorbygninger og den 14. høyeste skyskraperen på Manhattan, er det nærmest tomt for mennesker i 31. etasje hvor DNB holder til.

Wermelin forteller at de fleste ansatte har hatt hjemmekontor siden starten av pandemien.

New York var i våres episenteret for corona i verden. Dødstallene var dramatiske. Sykehus og begravelsesbyråer hadde sprengt kapasitet.

Corona-tallene er nok en gang på vei opp, ikke bare i New York, men også i store deler av USA. Over 300.000 amerikanere har mistet livet, og flere millioner mennesker har mistet jobbene sine.

Fortsatt viktig med New York-kontoret

Butikker, restauranter og barer har vært nødt til å stenge. Flere eksperter har spekulert i om New York vil kunne komme til å overleve en bølge nummer to.

– Vi har nok jobbet mer i år enn tidligere i år. Selv om måten vi jobber på er annerledes. Vi kommuniserer med kundene våre digitalt, men de ansatte og kundene har tilpasset seg, samtidig som det er klart at det har vært utfordrende for oss alle, sier Wermelin.

Olje blir mindre viktig

– Det har vært vanskeligere for norske bedrifter i startfasen å få til noe – med tanke på den økonomiske situasjonen landet befinner seg i, sier han og legger til:

– Men for allerede etablerte selskaper har det ikke vært noen store endringer – foruten de industriene som har vært rammet av pandemien. De har hatt det tøft.

Les hele artikkelen 

AmCham Financial Forum: Evolving Advice & Partnerships

AmCham Financial Forum: Evolving Advice & Partnerships

AmCham Norway’s Financial Forum gathered virtually last week for the final session of 2020. Special member presenter Richard Stott, founding partner and CEO at Connectum Capital Management, outlined how financial advice is changing in light of the “Norwegian dilemma” within saving and investment culture.

With 25+ years of experience, Stott expertly compared traditional financial advice – where investors relied exclusively upon bank, insurance company and fund manager guidance – to evolved, forward-looking relationships between independent, specialized advisors and increasingly well-informed clients. “No one truly understands the complexity of financial markets. If uncertainty didn’t exist, returns wouldn’t be possible,” he iterated.

Forum participants eagerly engaged Stott on OTP risk profiles, ESG investments, state vs. personal savings reliance, and reputable Norwegian market resources throughout the session. Currently, Connectum is the only investment advisory firm in Norway certified by the Center for Fiduciary Excellence, which conducts third party audit of investment advisers in accordance with global standards.

Presenters

Richard Stott

Founding Partner and CEO

Julie Hellberg

Senior Strategic Partnership Manager

Kathy Chang

Head of Fintech Partnerships

DNB's Strategic Partnerships

In contrast to Stott’s insights, DNB’s Senior Strategic Partnership Manager Julie Hellberg and Head of Fintech Partnerships Kathy Chang then outlined how their team assesses potential partners in accordance with the bank’s five verticals and strategic models. Fellow banks, fintech companies, big tech, startups and non-financial firms are each potential DNB vendors, distributors, co-developers, co-owners and M&A prospects.

Detailing financial/tech industry partnerships and overlaps, both within DNB and externally, the pair strongly agreed that increasingly informed customers – combined with enhanced financial services price transparency – means intensified competition. “Banks’ significant infrastructure,” noted one participant, is an irrefutable and enduring competitive advantage.

About the Finacial Forum

The AmCham Financial Forum is a platform that gives financial leaders the opportunity to interact, share best practices, and learn from each other – building a better understanding of what it takes to run a successful international finance department in Norway. 

Our next Financial Forum is currently being planned – for interest in participating, please contact Madeleine Brekke.

Previous Finacial Forums

AmCham Financial Forum: Evolving Advice & Partnerships

AmCham Norway’s Financial Forum gathered virtually last week for the final session of 2020. Special member presenter Richard Stott, founding partner and CEO at Connectum Capital Management, outlined how financial advice is changing in light of the “Norwegian dilemma” within saving and investment culture.

Read More »

AmCham Financial Forum – Outsourcing & Fintech

AmCham Norway’s fully subscribed Financial Forum convened its October session in hybrid fashion at both our downtown Oslo office and via Microsoft Teams.

Escalon Co-Founder Sarah Lerche commenced the collaborative, cross-industry session by outlining critical factors for success when outsourcing in an increasingly digital landscape. DLA Piper’s Camilla Wollan followed, expertly mapping the Norwegian fintech space – both in terms of players and evolving policy impacts.

Read More »

Reuters: Norway plans temporary tax relief for oil firms

OSLO (Reuters) – Norway proposed on Thursday to temporarily ease tax rules for oil firms to try to prevent a collapse in investments due to the coronavirus pandemic and a related collapse in crude prices.

The plan could boost the liquidity of oil companies by as much as 100 billion Norwegian crowns ($9.7 billion) over 2020 and 2021, Prime Minister Erna Solberg said.

The companies will be allowed to write-off investments more quickly, effectively postponing tax payments until later years.

Read entire article HERE.

Bloomberg: Richest Nordic Nation Gets Banking Giant After Rates Diverge

Norway is the only Scandinavian country that never resorted to negative interest rates. It now seems clear that its monetary policy choices helped its biggest bank.

DNB ASA, which is based in Oslo, has enjoyed growth in recent years as most of its biggest competitors have fallen behind. Its share price has swelled so much that it now vies with Nordea Bank Abp for the title of biggest Nordic bank by market value.

Read entire article HERE.

E24: DNB Markets tror USA øker Kina-toll til 25 prosent

Amerikanske myndigheter kunngjorde tirsdag at en del importvarer verdt rundt 160 milliarder dollar fra Kina blir unntatt ytterligere toll frem til 15. desember.

DNB Markets venter imidlertid fortsatt en videre eskalering av tollen.

Valutastrateg Magne Østnor påpeker i en oppdatering at utsettelsen er et tydelig tegn på at Donald Trump er under press, selv om han har hevdet at økte tollsatser kun rammer kineserne.

Les hele saken HER.

Bloomberg: DNB Eclipses Nordea as the Biggest Bank in the Nordic Region

Norway’s DNB ASA has eclipsed perennial Nordic powerhouse Nordea Bank Abp as the biggest lender by market value in the Nordic region.

DNB’s market value has now exceeded that of Nordea for the first time since the Helsinki-based lender was created through the merger of four Nordic banks at the end of 2001.

Read entire article HERE.

Event Summary: Annual General Meeting and Transatlantic Assembly

Foreign Minister Børge Brende opened for a tailor-made panel to discuss transitions and transatlantic changes and challenges, as AmCham hosted a combined Annual General Meeting and Transatlantic Assembly, nominating and selecting a new Board of Directors in the process.

Foreign Minister, Børge Brende speaking to AmCham Members at our Annual General Meeting and Transatlantic Assembly

The AGM also served to review AmCham’s activities and accomplishments for the previous year, and projected plans for the year ahead.

The new AmCham Board, composed of executive member company leaders, features 13 representatives and includes ten Norwegians, one Swede and two Americans, representing nine Patrons, two Corporates and one Associate-level member.

AmCham Board at Annual General Meeting and Transatlantic Assembly

As Per Hynne of Coca-Cola, Elizabeth Jeffords of Roche and Ketil Nordengen from 3M enter the board, AmCham would like to extend our sincere appreciation and gratitude to Tim Keane, Stein Rømmerud, Kimberly Lein-Mathisen and Lauren Cody as they step down, with Keane and Rømmerud having served for nine and eight years respectively!

Transatlantic Assembly

Following the AGM, AmCham Chairman Pål Rokke and University of Oslo Rector Ole Petter Ottersen proudly welcomed Minister of Foreign Affairs Børge Brende who, after recently returning from the US, kicked off the 90-minute session, sponsored by AmCham members Yara and BDO. On the agenda was transatlantic challenges and opportunities, examining why transition is at the forefront of AmCham member agendas.

Minister Brende, who is the first Nordic minister to have met with US Secretary of State Rex Tillerson, and first European minister to meet with US Commerce Secretary Wilbur Ross, said both highlighted the strategic alliance Norway holds with the US.

“It is clear from these meetings that increased emphasis will be place upon bilateral trade relationships as opposed to multilateral,” stated Brende. According to Secretary Ross, “TTIP is being assessed, not dropped” by the new US administration.

Brende, who emphasized that cooperation with the new US administration is developing very well, could confirm that both Secretary Tillerson and Secretary of Defence James Mathis had both personally underlined the US’ continued commitment to NATO.

Foreign Minister, Børge Brende at Annual General Meeting and Transatlantic Assembly

Foreign Minister, Børge Brende

The minister also highlighted how the close connection between the US and Norway is due in part to similar cultures, values and ideas. “Big changes also mean big opportunities. That’s a very typical American way of thinking and something we’re adopting in Norway as well.”

“We share many of the same ideas. We have the same values, we are both strong supporters of democratic principles and we support private ownership,” the Minister said.

The Foreign Minister was succeeded by US Chargé d’Affaires Jim DeHart, who later joined DNB’s new Chief Economist Kjersti Haugland, Andrew Lloyd, Statoil’s Vice President for Global Politics & Public Affairs and IBM’s Managing Director Arne Norheim, in a panel discussion focused on emerging trends and challenges affecting business between the two countries.

Arne Norheim, Kjersti Haugland, Andrew Lloyd and Jim DeHart at Annual General Meeting and Transatlantic Assembly

Arne Norheim, Kjersti Haugland, Andrew Lloyd and Jim DeHart

Chargé DeHart provided candid perspectives on the new US administration’s transition, current US foreign policy challenges and the road ahead for US-Norway relations.

“Norway is a popular destination for US officials,” stated DeHart, while discussing the recent bipartisan visit by Speaker Paul Ryan and the House Armed Services Committee.

Jim DeHart at Annual General Meeting and Transatlantic Assembly

US Chargé d’Affaires Jim DeHart

DNB’s Kjersti Haugland, while referencing headwinds due to energy challenges, noted that Norway’s GDP growth was in fact even stronger than that of the US, with stable fiscal policy and unemployment figures. This despite the growing “toxic cocktail” of increased protectionism, nationalism and populism in international trade relations.

For his part, IBM director Arne Norheim noted that his company’s successful 80-year track record in Norway had not been impacted by recent political change.

“Digital transformation and attracting and developing the best talent” are at the top of his ambitious agenda, regardless of daily political soundbites.

Statoil’s Andrew Lloyd emphasized how his company’s $30B in US investment – and positon as a top CCS investor there – was not being reassessed. Lloyd also optimistically discussed long-term NCS development, while noting that “smart companies will continue to invest in low-carbon technologies” regardless of short-term policy pivots.