Drangedal Sparebank

What Drangedal Sparebank does

Drangedal Sparebank is a Norwegian regional savings bank (sparebank) headquartered in Bø i Telemark, Norway, operating a traditional retail and business banking franchise across Telemark county. The bank serves private individuals with savings accounts (including a 6.30% P.A. BSU youth housing savings product), home mortgages (up to 90% LTV), consumer loans and refinancing, credit cards, investment funds and securities, pension products, and intermediated insurance. For business customers it provides corporate accounts, business loans, overdraft facilities, bank guarantees, leasing, and corporate credit cards including AirPlus virtual cards. The underlying technology stack is a conventional Norwegian digital banking platform with online and mobile banking, BankID-based authentication, and integrations to Mastercard Payment Services, Nets, BankAxess, and ECLAGE. The business model is net interest income–driven: lending rates on mortgages (effective 5.29%–6.58% across LTV tiers), consumer loans (16.6% effective), and business credit products, less deposit interest expense on savings products (3.00%–4.25% P.A. on standard savings, up to 6.30% on BSU), supplemented by transaction and service fees and third-party commissions from insurance, securities, and consumer credit partners (Frende Forsikring, Norne Securities, Kredittbanken, Brage Finans). Distribution is through a branch network in Drangedal, Kragerø, Porsgrunn, Skien, Ulefoss, and a planned Bamble office, combined with self-serve digital channels. As a mutual savings bank with no external dividend-claiming owners, the bank reinvests surplus locally via a gift fund (over 1 million NOK distributed in 2025) and operates as part of the LOKALBANK cooperative of 16 independent savings banks. From June 1, 2026, the bank is merging with Sparebanken DIN to form Telemark Sparebank.

Name

Drangedal Sparebank

Legal name

Drangedal Sparebank

Website

https://drangedalsparebank.no

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Drangedal Sparebank is a Norwegian regional mutual savings bank serving retail and business customers in Telemark county through six branch offices, online and mobile banking, and intermediated insurance, credit, and securities products. It is merging with Sparebanken DIN in June 2026 to form Telemark Sparebank.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218), Credit Card Issuing (522210)

SIC

Savings Institutions, Not Federally Chartered (6036), Personal Credit Institutions (6141)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Mortgage lending
• Savings accounts
• Business banking
• Insurance intermediation

Headquarters

HQ city

Drangedal

HQ country

Norway

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Net Interest Income: Interest income from mortgage loans (boliglån), consumer loans (forbrukslån), and business loans. This is the primary revenue stream for the savings bank.
2. Deposit Interest Expense: Interest expense paid to depositors on savings accounts (sparekonto, BSU, Telemarkskonto)
3. Banking Fees and Commissions: Various fees including account maintenance, transaction fees, card fees, and loan-related fees. Also includes commissions from third-party financial products (insurance, funds, securities)

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Drangedal Sparebank is a Norwegian savings bank offering retail and corporate banking services including home mortgages, consumer loans, savings accounts (including youth BSU), credit cards, funds and securities trading, pension products, and insurance intermediation. Business customers receive corporate accounts, overdrafts, bank guarantees, leasing, vehicle loans, and corporate credit cards. Services are delivered through a regional branch network in Telemark county supplemented by online and mobile banking platforms.

Product overview

Drangedal Sparebank (operating as Telemark Sparebank following merger announcement) is a regional Norwegian savings bank offering a comprehensive suite of retail and corporate banking products. The offering follows a traditional bank platform architecture with netbank/mobile banking as the primary customer interface. For private customers, core products include home mortgages (Boliglån, Boliglån ung, Grønt boliglån), consumer loans and refinancing, credit cards, and savings accounts including youth housing savings (BSU). Investment services encompass funds, stocks, and pension products. For business customers, the bank provides corporate banking, business loans, leasing, corporate credit cards (including AirPlus virtual cards), and bank guarantees. The bank operates through a branch network in Telemark region (offices in Drangedal, Kragerø, Porsgrunn, Skien, Ulefoss, Bamble, and administration), with strategic partnerships for specialized services including Frende Forsikring for insurance, Justify for legal services, Brage Finans for vehicle financing, and Norne Securities for securities trading. The merger with Sparebanken DIN scheduled for 2026 will consolidate operations as Telemark Sparebank.

Differentiator

Problem solved

Functional benefit

Products and services

• Boliglån (Standard Home Mortgage) Variable-rate home mortgage loans for property purchases with LTV tiers up to 90% and competitive nominal and effective interest rates by risk band, available to private customers.
• Boliglån ung (Young Person's Mortgage) Specialized mortgage product for customers under 34 years, integrated with BSU housing savings, offered at preferential interest rates to support first-home buyers.
• Grønt boliglån (Green Mortgage) Green home mortgage for energy-efficient properties, offered up to 90% LTV with preferential nominal rates starting from 5.09% and effective rates from 5.29%.
• Forbrukslån & refinansiering (Consumer Loan and Refinancing) Unsecured consumer loans up to kr 500,000 with advisor support (or kr 300,000 online) and refinancing of existing debt, provided in partnership with Kredittbanken ASA.
• Kredittkort Privat (Private Credit Card) Credit card for private customers with kr 0 annual fee, up to 45 days interest-free payment, and international acceptance, with nominal rate 23.46% and effective rate 26.2%.
• Sparekonto (Savings Account) Tiered-interest savings account offering up to 3.35% P.A. on balances up to kr 10,000,000, with 12 fee-free withdrawals per year.
• BSU - Boligspar ung (Youth Housing Savings) Tax-advantaged youth housing savings account with 6.30% P.A. interest rate, kr 27,500 annual contribution cap, kr 300,000 lifetime cap, with rate dropping to 3.35% P.A. after age 34.
• Telemarkskonto (Time Deposit / Notice Account) Notice savings account with 32-day or 90-day withdrawal notice periods for Telemark residents, paying up to 4.70% P.A. depending on balance band.
• Fremtidskonto 0-18 år (Children's Savings Account) Savings account for children and youth aged 0-18 offering 4.25% P.A. interest with 12 fee-free withdrawals per year.
• Fond & aksjer (Funds and Stocks) Investment funds and stock trading services for wealth management and long-term savings, with tax-free transfer of existing fund holdings from other banks.
• Aksjehandel (Stock Trading) Online stock trading platform for active investors to buy and sell securities, accessed through Norne Securities partnership.
• Pensjon (Pension Savings) Private and corporate pension savings products for retirement planning, including innskuddspensjon (contribution-based occupational pension) for businesses.
• Forsikring (Insurance) Insurance products distributed in partnership with Frende Forsikring, covering vehicles, life, health, home, travel, pets, and agricultural operations.
• Juridiske tjenester (Legal Services) Affordable legal document services including wills and cohabitation agreements, provided through partnership with Justify.
• Nett- og mobilbank (Online and Mobile Banking) Self-service digital banking platform for both private and business customers to manage accounts, payments, transfers, and BankID-authenticated login.
• Bedriftsbank (Business Banking Services) Comprehensive corporate banking package for business customers including corporate accounts, business loans, leasing, and bank guarantees.
• Bank- og kredittkort Bedrift (Business Debit and Credit Cards) Business debit and credit cards for corporate expense management, including Firmakort corporate cards.
• Kassekreditt (Business Overdraft Facility) Revolving overdraft facility for businesses to manage working capital and cash flow fluctuations.
• Bankgaranti (Bank Guarantee) Issuance of performance and payment guarantees to support business contractual obligations.
• Leasing Vehicle and equipment leasing for businesses, distributed through partnership with Brage Finans.
• Billån Bedrift (Business Vehicle Loan) Car loans for business vehicles offered through partnership with Brage Finans.
• AirPlus Kredittkort med firmaansvar (AirPlus Corporate Card) Corporate credit card with company liability from SEB Kort Bank AB, available as physical or virtual card with up to 20-day payment terms and 2.0% currency markup.
• Brukskonto (Current Account) Non-interest-bearing transactional current account (0.00% P.A.) for daily banking operations with card access and self-service options.
• Depositumskonto (Security Deposit Account) Security deposit account paying 2.50% P.A. interest, requires both landlord and tenant to be customers of the bank.

Quantifiable outcome

• Annual gift fund distribution of over 1 million NOK to local communities
• +1 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature2 records

Partnerships

Six partnerships are on record, tiered core and minor.

• LOKALBANKcoreStrategic or Co-development PartnerCooperation of 16 independent savings banks for joint procurement and standardization to strengthen the banks' customer offerings and competitiveness. Drangedal Sparebank is part of this network.
• Brage FinansminorChannel Partner/ Reseller/ DistributorPartnership for car and vehicle financing. Brage Finans provides vehicle loans offered through the bank.
• Frende ForsikringminorChannel Partner/ Reseller/ DistributorInsurance partner providing car, boat, home, travel, pet, life and health insurance products sold through the bank's platforms.
• Kredittbanken ASAminorChannel Partner/ Reseller/ DistributorProvides consumer loans and refinancing services offered through the bank.
• AirPlus (SEB Kort Bank AB)minorChannel Partner/ Reseller/ DistributorProvides corporate credit cards and virtual payment cards with firm liability for business customers.
• Norne SecuritiesminorChannel Partner/ Reseller/ DistributorSecurities trading partner accessible through the bank's portal.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Sparebank 1 SR-Bank: Large regional savings bank alliance member serving southern/western Norway including adjacent markets; offers a comprehensive retail and corporate banking platform with significantly greater scale and resources.
• Sparebanken Sør: Dominant savings bank across the broader Agder/Telemark region with a much larger branch network and balance sheet; competing incumbent for the same retail and business customers in overlapping geographies.
• DNB Bank ASA: Norway's largest financial services group and dominant commercial/retail bank; sets pricing benchmarks for mortgages, savings, and consumer loans and represents the principal scale competitor across all product lines.
• Sparebanken Vest: Large regional Norwegian savings bank with similar community-rooted mutual heritage but operating at materially greater scale across Vestland; provides benchmark for product, pricing, and digital capabilities.

Direct peers

• Luster Sparebank: Small independent Norwegian mutual savings bank with a similar community-banking focus and product offering; LOKALBANK alliance peer operating in western Norway with comparable scale.
• Aasen Sparebank: Small Norwegian mutual savings bank in the LOKALBANK network with a similar retail-banking product suite and local-community reinvestment model.
• Sparebanken DIN: Direct peer and merger partner forming Telemark Sparebank; small Norwegian independent savings bank operating in Telemark region with similar mutual ownership structure, retail and business banking focus, and comparable product suite.
• Skue Sparebank: Fellow LOKALBANK member and Norwegian mutual savings bank of comparable scale; serves the Modum/Drammen area with similar retail-banking product suite and community-reinvestment mutual structure.

Emerging players

• Sbanken (now part of DNB): Norwegian digital-first bank now owned by DNB; exemplifies the digital-banking competitive threat to small branch-based savings banks by offering competitive deposit and lending rates without physical infrastructure.

Others

• Frende Forsikring: Insurance partner that distributes non-life and life insurance products through Drangedal Sparebank; part of the Eika Gruppen alliance of Norwegian savings-bank-affiliated insurance distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/drangedalsparebank
• Instagraminstagram.com/drangedalsparebank
• LinkedInlinkedin.com/company/drangedal-sparebank

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Drangedal Sparebank