DNB's response to the coronavirus situation – updated 23 March 2020

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DNB follows the guidelines from the local authorities, recommending increased use of home office and flexi-time solutions as a measure to prevent the spread of the infection.
 

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We have implemented the necessary plans and measures

We are monitoring the situation closely and have implemented the necessary plans and measures to ensure that all the bank’s essential functions are operated as normal. 

We have asked those of our employees who are able to, to work from home. This is solved using available technology, split teams, separate locations and proper infection control in our office premises.  

Our customers and society in general depend on DNB to keep the wheels of the economy turning, and this is a responsibility we take very seriously.

We are well equipped to face turbulent times in the market

DNB is one of the most solid banks in Europe, and over the last decade, we have more than doubled our equity. This makes DNB well equipped to meet turbulent times in the market. 

DNB is also one of the most creditworthy banks globally, with the best possible short-term rating of A1+/P1 from S&P and Moody's, and a long-term rating of AA. We are monitoring the situation around the corona outbreak closely, and will make ongoing assessments of the bank's risk. 

DNB has very limited exposure to, for instance, the airline industry. Beyond this, it is not natural for the bank to comment on the financial prospects for the company until we present our figures for the first quarter.

Comment on the governments support package, 15 march

- The government has announced some promising measures to support Norwegian businesses. In DNB, we will do whatever we can in order to support customers who are having problems getting through this rough patch. The measures that the government is implementing could prove vital for companies which at this very moment experience cancellations, closures and lack of shipments. 

- Government assurances and loan guarantee schemes of over NOK 100 billion are powerful measures, which can enable the banks to help companies withstand a demanding period.

- It is positive for Norwegian companies that the government is suggesting a new State Bond Fund.

- Every third Norwegian company is a customer at DNB. As the largest bank in Norway, we wish to contribute to keeping the businesses going. We can issue short-term or temporary credits. Agreed interest-only periods also provide an instrument that can be considered in order to strengthen the liquidity of companies. Extending their overdraft facilities can be useful when there are large fluctuations in the liquidity.

- At the moment, we are trying to put in an extra effort for our customers. There is an increased need for help and advice these days, and we try to be available for everyone who needs aid and advice during such demanding times.

Comment on case of infection in DNB, 11 march

Around midnight on 11 March, DNB was made aware of the first confirmed case of coronavirus infection (Covid-19) at the bank’s head office in Bjørvika, Oslo. The employee in question works in DNB Markets and is doing well under the circumstances. The infection can most likely be traced back to a stay in Austria.

DNB Markets has prepared its organisation for a situation like this, and will be able to maintain operations on a virtually normal level.

The Government acts to mitigate effects of the COVID-19 pandemic on the economy