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SB1M - Nordic challenger banks - ESA says Norwegian ownership rules violate EEA agreement
Conclusion
• Norwegian Ministry of Finance has two months to reply to the ESA agency
• A continuation of the Norwegian ownership rules less likely after this ESA conclusion
• Hence, increased M&A speculations ahead in the Norwegian financial sector – particularly in the challenger segment
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What's new?
In a letter to the Ministry of Finance ESA (EFTA surveillance authority) concludes that the current ownership rules in Norway is a violation of the EEA agreement

Our analysis
Norwegian rules on ownership of financial institutions:
• Initially the commercial banks act (Lov om finansforetak og finanskonsern) stated that no party could own more than 10% of the share capital of a financial institution. However, after the EFTA Court in 2003 concluded that the rule constituted an unlawful restriction on the free movement of capital according to the EEA Agreement (EØS) an administrative practice was established in Norway whereby individuals or enterprises cannot own more than 20% to 25% of the shares in financial institutions, except where the financial institution engages only in a niche activity.
The district court in Oslo’s 2018 decision:
• Netfonds argued that the current Norwegian rules is a violation to the EEA agreement and won in the district court. However, both parties (Netfonds and the Norwegian government) appealed and we are currently awaiting the Borgarting (county court) trial.
EFTA/ESA – april 2019:
• In a letter to the Ministry of Finance in Norway ESA which is EFTA’s surveillance authority concludes that the current ownership rules in Norway is a violation of the EEA agreement. According to legal firm Schjodt the Norwegian ownership practice in the financial sector is unlikely to continue.