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Nordea notes growing competition in Norwegian private banking market

The AUM at Nordea Private Banking in Norway has increased fivefold over the past eight years, but competition is heating up, says domestic Head of Private Banking Torsten Østensen.

Head of Private Banking at Nordea in Norway, Torsten Østensen | Photo: Nordea

Nordea Private Banking in Norway recently surpassed NOK 100bn (EUR 10.1bn) in AUM, but the head of the division Torsten Østensen tells AMWatch's sister media FinansWatch.no that competition is getting fiercer.

"The market for private banking in Norway is growing quickly, and competition has become tougher. Just a few years ago, private banking was a small, hidden department at Nordea in Norway. This is not the case anymore. The assets we manage have increased fivefold over the past eight years. It has been an incredible adventure to be a part of," says Østensen.

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