DnB NOR Was Criticized by Lithuanian Authorities

DnB NORD Bank AB sold structured saving products to 1.55 billion NOK to 640 people in Lithuania. The bonds were sold by investors whom the Lithuanian authority describes as amateurs, and it was claimed that the bank did not inform the investors about the risks.

In 2009, DnB NOR had a similar issue in Norway. The Norwegian Bankklagenemnda (complaints board for consumers in banking and financial matters) had ruled the bank’s sale of two loan-financed structured savings products was contra to sound business practice. Then, the bank had to pay customers back everything it has earned on the loans – charges, interest and commission.

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