Skudenes & Aakra Sparebank

What Skudenes & Aakra Sparebank does

Skudenes & Aakra Sparebank is a Norwegian regional savings bank (sparebank) headquartered in Åkrehamn, Karmøy, founded in 1876 through the merger of Skudenes Sparebank and Aakra Sparebank. The bank serves retail consumers, hunters/fishermen affiliated with Norges Jeger- og Fiskerforbund (NJFF), and small businesses across the Karmøy and Haugesund municipalities in Rogaland county through six staffed branch offices (Åkrehamn HQ, Norheim/Oasen, Kopervik, Skudeneshavn, Haugesund, Veavågen) and digital banking channels.

The bank's product portfolio spans daily banking (current accounts, BankID-authenticated mobile and online banking, credit and debit cards, Vipps payments, AvtaleGiro/eFaktura), lending (home mortgages, car loans, consumer loans, debt refinancing), savings and pension (bank savings, BSU youth housing savings, fund savings including Smartspar automated investing, micro-savings, private pension), and a comprehensive insurance suite underwritten by Fremtind Forsikring and distributed through the bank's branches, digital portal, and NJFF channel — covering home, contents, car, travel, dog, accident, critical illness, disability, life, health, and child insurance. The bank also operates an in-house real estate brokerage (eiendomsmegling) and offers value-added recovery services (Dr.Dropin, Kreftkompasset, FirstVet, Lyk-z & døtre, SOS International, Mekle).

The core technology platform is the Eika shared banking system used by approximately 70 Norwegian savings banks, which provides the mobile app, online banking portal, and core banking infrastructure; BankID handles customer authentication. Revenue is generated through net interest income on deposits and lending, recurring insurance commissions from Fremtind, transaction fees on payment services and cards, and transaction commissions from the real estate agency. The bank is a member of the Eika Alliance and is not publicly traded.

Name

Skudenes & Aakra Sparebank

Legal name

Skudenes & Aakra Sparebank

Website

https://skudeaakra.no

Company type

Private

Founded year

1876

Operating status

Operating

Headcount range

101–250 employees

Short description

Skudenes & Aakra Sparebank is a Norwegian regional savings bank serving retail customers, small businesses, and NJFF hunter/fisher members across six branches in Karmøy and Haugesund with full-service banking, lending, and Fremtind-underwritten insurance.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institutions, Not Federally Chartered (6036), National Commercial Banks (6021)

akta.pro primary industry

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

akta.pro secondary industries

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Retail banking services
• Savings accounts
• Mortgage lending
• Insurance distribution
• Consumer loans

Headquarters

HQ city

Åkrehamn

HQ country

Norway

HQ region

Europe

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Net interest income: Traditional savings bank revenue from spread between deposit and lending rates. Core mortgage (boliglån), consumer lending (forbrukslån), and car loan products generate interest income.
2. Insurance commission revenue: Bank acts as insurance distributor for Fremtind Forsikring, earning commission on property, casualty, health, life, and pet insurance products sold to its customer base.
3. Banking fees and commissions: Fees from payment services, account management, international transfers, BankID, card services (credit/debit), and Vipps mobile payments.
4. Real estate agency commission: Bank operates an in-house real estate agency (eiendomsmegling), earning commission on property transactions.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Skudenes & Aakra Sparebank is a Norwegian regional savings bank operating six branches in the Karmøy and Haugesund municipalities. It offers daily banking (current accounts, payment cards, BankID-secured mobile/internet banking), lending products (home mortgages, car loans, consumer loans), savings and pension products, and distributes a broad insurance portfolio from Fremtind Forsikring. The bank also operates an in-house real estate agency and serves small business customers with commercial banking products.

Product overview

Skudenes & Aakra Sparebank is a Norwegian regional savings bank offering a comprehensive financial services portfolio. The bank operates as part of the Eika banking alliance and provides two main product lines: banking services (daily banking, lending, and savings) and insurance products through its partnership with Fremtind Forsikring. The core banking platform includes current accounts with BankID authentication, various loan products (home loans, car loans, consumer loans), and multiple savings options (bank savings, fund investments, youth housing savings BSU, and pension savings). The insurance suite covers property insurance (home, cabin), vehicle insurance (car, motorcycle, snowmobile, boat, caravan), travel insurance, health and life insurance, and pet insurance (dogs, cats, horses). Additional services include real estate brokerage, digital claims processing, and a customer loyalty program with cinema discounts. The bank maintains physical branch locations in the Karmøy area while offering digital banking capabilities through mobile and internet banking platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• Dagligbank (Daily Banking) Core daily banking services for retail customers including current account (brukskonto), BankID authentication, bank cards, mobile and internet banking, and payment services such as AvtaleGiro, eFaktura, and international transfers.
• Credit Cards (Kredittkort) Credit card products offering purchase financing, travel insurance benefits, and international payment capabilities for retail customers.
• Boliglån (Home Loans) Mortgage products for purchasing residential property, with online loan calculator tools and application tracking.
• Billån (Car Loans) Vehicle financing for car purchases with competitive interest rates.
• Forbrukslån (Consumer Loans) Unsecured personal loans for various purposes including debt refinancing.
• Bank Savings (Banksparing) Traditional savings account products with competitive interest rates.
• Fund Savings (Fondssparing) Mutual fund investment savings including Smartspar automated investment service and children's fund savings.
• BSU Savings (Youth Housing Savings) Tax-advantaged Norwegian savings product for first-time home buyers under 34 years old.
• Pension Savings (Pensjonssparing) Private pension savings products for retirement planning.
• Travel Insurance (Reiseforsikring) Insurance coverage for travel including medical expenses, trip cancellation, baggage loss, and emergency assistance, with annual and single-trip options. Underwritten by Fremtind Forsikring.
• Home Insurance (Husforsikring) Building insurance covering structural damage from fire, water, natural disasters, and theft. Includes Topp and Standard coverage levels with deductible options from 6,000 to 25,000 NOK. Underwritten by Fremtind Forsikring.
• Home Contents Insurance (Innboforsikring) Coverage for personal belongings including furniture, electronics, and valuables. Includes Pluss tier with additional coverage. UNG package: 172 NOK/month. Underwritten by Fremtind Forsikring.
• Dog Insurance (Hundeforsikring) Veterinary expense coverage for dogs including illness and accident protection. Offers Topp and Standard tiers with direct settlement options. Topp tier includes FirstVet digital veterinary consultations. Underwritten by Fremtind Forsikring.
• Car Insurance (Bilforsikring) Vehicle insurance with liability, partial, and full coverage options. Underwritten by Fremtind Forsikring.
• Accident Insurance (Ulykkesforsikring) Personal accident insurance providing payments for permanent disability and death benefits. Coverage sum ranges from 100,000 to 3 million NOK. Purchase age 18-70; policy terminates at age 75. Underwritten by Fremtind Forsikring.
• Critical Illness Insurance (Kritisk Sykdom) Lump-sum payment insurance for serious illnesses including cancer, heart attack, and stroke. Valid until age 67. Purchase age 18-60; 3-month waiting period; age limit 80 for claims. Underwritten by Fremtind Forsikring.
• Disability Insurance (Uføreforsikring) Income protection insurance for long-term disability with monthly payments or lump-sum options. Includes Uførepensjon and Uførekapital products. Underwritten by Fremtind Forsikring.
• Life Insurance (Livsforsikring) Death benefit insurance providing tax-free lump-sum payment to beneficiaries. Maximum coverage of 130G. Valid until age 80. Underwritten by Fremtind Forsikring.
• Health Insurance (Helseforsikring) Private healthcare treatment insurance covering specialist consultations, diagnostics, surgery, and rehabilitation with no deductible. Includes Dr.Dropin 10% discount and free health helpline. Underwritten by Fremtind Forsikring.
• Child Insurance (Barneforsikring) Insurance coverage for children including serious illness payments, hospital daily allowances, and home adaptation coverage. Underwritten by Fremtind Forsikring.
• Real Estate Agency (Eiendomsmegling) In-house real estate brokerage services for buying and selling residential and commercial properties, generating commission on transactions.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature2 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Fremtind ForsikringcoreTechnology or IntegrationFremtind Forsikring (a subsidiary of SpareBank 1 and DNB) is the insurance provider behind all insurance products offered by Skudenes & Aakra Sparebank. The bank acts as a distributor, while Fremtind underwrites and administers property, casualty, life, health, and pet insurance. Customers contact the bank for questions or claims.
• EikacoreTechnology or IntegrationEika is the banking alliance and IT platform used by around 70 Norwegian savings banks. Eika provides the core banking system, mobile app, online banking portal, and infrastructure shared across member banks. Skudenes & Aakra Sparebank is part of the Eika group.
• SOS InternationalminorOthersSOS International provides 24/7 emergency assistance hotline for travel insurance customers. Phone: +45 70 10 50 50. They coordinate medical referrals, hospitalization, and evacuation services for travelers abroad.
• Norges Jeger- og Fiskerforbund (NJFF)coreChannel Partner/ Reseller/ DistributorNJFF is Norway's largest hunting and fishing organization. Members receive up to 25% discount on insurance products plus access to exclusive hunting dog and equipment insurance through the bank. The bank maintains dedicated NJFF product pages and staff insurance advisors (Birgith Flokketvedt and others).
• FirstVetminorOthersFirstVet provides digital veterinary consultations included with dog insurance (Veterinærforsikring Topp tier), allowing policyholders to consult a vet online for free when their dog is sick or injured.
• Dr.DropinminorGTM or Marketing PartnerCritical illness insurance customers receive a 10% discount on all Dr.Dropin services (GP, dermatologist, gynecologist, physiotherapist, and chiropractor). Also provides free health helpline for health insurance policyholders.
• KreftkompassetminorGTM or Marketing PartnerKreftkompasset (Cancer Compass) is a nonprofit providing post-cancer recovery support. Customers who receive a cancer payout from critical illness or disability insurance are offered access to 'Leve livet etter kreft' (Live life after cancer) digital course and nurse guidance sessions.
• Lyk-z & døtreminorGTM or Marketing PartnerLyk-z & døtre is a social entrepreneurship firm providing life skills courses. Customers receiving payouts from disability insurance are offered free 'livsmestringskurs' (life mastery course) workshops to build self-esteem, coping skills, and social belonging.
• MekleminorOthersMekle provides dispute resolution and mediation services for insurance customers in conflict with contractors, neighbors, or sellers. Service is often free through the insurance policy.
• Finansportalen.nominorGTM or Marketing PartnerNorwegian financial product comparison portal (operated by Financial Supervisory Authority of Norway). The bank references Finansportalen for price comparison of its products.

Scale indicators1 record

Recent moves1 record

Expansion highlights5 records

Broad incumbents

• DNB Bank: Norway's largest financial services group and the dominant national bank. Direct competitor in retail mortgages, deposits, and insurance (via Fremtind partnership). Has branches across Norway including Karmøy/Haugesund region.
• SpareBank 1 SR-Bank: Largest savings bank in Rogaland, operating throughout Western Norway. Same geographic market overlap with the Karmøy/Haugesund region, but materially larger and offers broader product portfolio including insurance through its own SpareBank 1 alliance.
• Gjensidige Forsikring: Norway's largest general insurance company. Comparable in insurance distribution and product portfolio (property, vehicle, etc.), though Gjensidige owns its underwriting capability while Skudenes & Aakra only distributes via Fremtind.

Direct peers

• Sparebanken Sør: Eika alliance member savings bank serving Southern Norway (Agder region). Comparable retail and SME banking model with similar size, branch distribution, and Fremtind insurance distribution.
• Sparebanken Vest: Norwegian regional savings bank serving Western Norway including parts of Hordaland and Rogaland. Comparable in traditional savings bank model, retail and SME focus, and physical branch distribution, though materially larger and listed.
• Etne Sparebank: Another Eika alliance member and small Norwegian savings bank operating in Etne/Kvinnerad region, also with retail banking, insurance distribution, and small business focus. Highly comparable in size, business model, and strategic positioning.

Emerging players

• Sbanken (Sbanken ASA): Norwegian digital challenger bank owned by DNB. Offers competitive deposit and mortgage rates through a mobile-first platform, representing the digital disruption threat to traditional savings banks like Skudenes & Aakra.
• Bulder Bank: Norwegian digital bank offering savings products and consumer loans. Operates without physical branches, providing price competition that pressures traditional savings banks' deposit and lending margins.
• Bank Norwegian: Norwegian digital bank offering credit cards, consumer loans, and savings accounts. Represents the digital-first competition in retail lending and deposits that the bank competes against.

Others

• Fremtind Forsikring: Insurance underwriter (joint SpareBank 1 / DNB subsidiary) that provides all insurance products distributed by Skudenes & Aakra Sparebank. Strategic partner and dependency, with overlapping product portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/skudeaakra

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

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 Skudenes & Aakra Sparebank