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DNB remains optimistic despite three quarters of declining retail net sales

Retail sales have been declining, and the savings rate is getting a downgrade. DNB's Head of Wealth Management, Håkon Hansen welcomes the growing number of savings agreements, calling it "sticky money".

Håkon Hansen, Executive Group Vice President and Head of Wealth Management at DNB. | Photo: PR / DNB

Despite declining net inflows from retail clients for the third consecutive quarter, the head of DNB's asset management arm Håkon Hansen is still optimistic. However, he is now downgrading his expectations for the Norwegian savings rate.

Net inflows from retail clients to Norway's biggest banking group fell to NOK 4.5bn (EUR 462m) from NOK 7.7bn (EUR 792m) in Q2, thus continuing the decline from NOK 8.9bn in Q1 and NOK 9.2bn in the last quarter of 2020.

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