The Safe Deposit Bank of Norway is exactly that. A safe deposit bank to protect and defend large EUR and NOK cash deposits.

What we do

SDBN mitigates counterparty risk

Given prudent risk management practices whereby treasurers and CIOs of asset managers and family offices limit their exposure to any one sovereign’s paper, the CIO of one of the largest London based European asset managers recently said:

“Our clients pay us to take investment risk, not counterparty risk, which is why placing surplus cash in a solid Central Bank is a great solution for us.”

As we have found out most starkly, in the last financial crisis and some recent bail-ins, cash deposits in the bank are at risk, whether the bank itself has a liquidity squeeze or has exposure to a bank that has liquidity issues. This so-called counterparty risk with a bank is impossible to quantify.

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Cash safety, liquidity and fixed cost

SDBN is a narrow bank, its banking license restricts it to a single product, namely holding cash at a Central Bank. SDBN is a direct participant in the central banks of Norway, Norges Bank; and Germany, Deutsche Bundesbank. SDBN’s banking license was purposefully created so that on the asset side it preserves Client cash deposits at Central Banks. Under the same license, SDBN is allowed to incur liabilities only in the form of cash deposits.

Be it asset managers, ultra-high net worth individuals and family offices or corporate treasurers looking to place surplus cash, SDBN provides its Clients the certainty that their cash is safe from any credit or other counterparty related risks. All deposits are on an overnight basis, so that deposit holders have unlimited and unrestricted liquidity.

Unlike other banks, so long as you give them an order of payment your cash can go anywhere, the hard coded no third-party payments in our core banking system means that our Clients’ outgoing payments can only be transferred to their own predefined accounts. Clients’ accounts are predetermined and vetted up front at the time of becoming a Client. Hence, your account is entirely ring fenced within SDBN.

The increasing reluctance of commercial banks to hold large cash deposits on their balance sheets has led to increasing and varying fees on cash deposits. An account at SDBN has a fixed fee with no additional transaction or other charges.

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SDBN opens doors into Central Banks of AAA rated European economies

We offer an effective and extremely simple cash asset allocation alternative whereby our Clients effectively keep their cash at a Central Bank. Theoretically, it’s like taking deposit insurance. If one wanted to insure deposits against bank risk, one might ask a reinsurer, who may use CDS spreads as a guide for pricing such insurance, but no such product exists and even reinsurers have liquidity issues as we’ve seen in the past. No insurance outperforms a solid Central Bank.

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A robust, technology driven solution

Our core banking technology and operational controls are specifically designed to restrict operations in line with our banking license and narrow activity:

  • SDBN is a direct participant in the Norwegian Central Bank’s Operational System, NBO, and the Deutsche Bundesbank’s Target2 system.
  • SDBN does not make third party payments, deposits can only be transferred out to our Clients’ own predefined accounts.
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About us

We safeguard our Clients’ cash reserves and provide full liquidity regardless of financial market conditions.

Core and Client Service Team

Morten Meland, CEO

Morten Meland worked at Goldman Sachs Bank AG Zürich for 15 years. Morten built one of the longest serving and most productive teams in the Private Wealth Management business with clients in Europe and Asia. He was instrumental in creating specialized coverage for Family Offices and a Member of the Executive Committee of the Bank. Since 2013, Morten advises a select number of clients and Family Offices on optimal structuring of their investments, sourcing, evaluating and managing strategic ownership positions and overviewing strategic Asset Allocation decisions. He invests privately as well as alongside some of his clients in a limited number of opportunities.

He holds a lic.oec HSG from the University of St. Gallen, speaks Norwegian, German and English.

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Andreas Fredriksen, Strategy, IT and Development

Andreas began his career at SDBN primo 2017. He has worked for Sparebanken 1, SR-Bank in Client Servicing and Operations from 2013-2016. He has a Master of Science in Business, with a specialisation in Economics from the Norwegian Business School, BI. Whilst at BI Business School, he served as the student representative to the Board of Directors in 2015 and member of the Election Committee in 2016, as well as Head of the student body. He was also a member of the Board at the Student Society of Stavanger, SIS (2015) and later Chairman in 2016. Andreas speaks Norwegian and English.

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Sayed Rahimi, Finance, Reporting, Risk and Compliance

Sayed Rahimi began his career at SDBN medio 2017. Prior he held the position as Controller at Aleris Hospital in 2016 and also worked in Medical Research. In addition, he has experience from Unilabs and Handelsbanken. Sayed has a passion for learning and personal growth at work, both in a team context and individual, is important to him. Sayed holds a Master of Science in Business, with a major in Finance, from Oslo Business School, at the OsloMet University. He speaks Norwegian, Farsi and English.

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Ane Elisabeth Grande, Operations

Ane joined SDBN ultimo 2018. She holds a bachelor’s degree in International Studies from Korea University (Feb. 2018) in South Korea and has since moved back to Norway to read for her Masters in Public Administration with a specialization in Innovation at Inland Norway University of Applied Sciences. Prior to working with SDBN she worked at DNB as a Customer Advisor. She speaks Norwegian, English and Korean.

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Poornima Rengaraj, Operations

Poornima joined SDBN ultimo 2018. Previously she worked as a Technical Consultant at Temenos, Chennai, India and as a System Analyst in HCL Technologies, Malaysia in the banking industry. She holds a Master of Computer Applications and a Bachelor of Science in Computer Science both from Madurai Kamaraj University, India. She speaks English, Tamil, Hindi and Norwegian.

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Advisors

Matthias Frisch, Advisor

Matthias Frisch has worked at Goldman Sachs for 14 years as Head of Equities, Head of Equities Derivatives, as well as the CEO of GS Bank. Prior to working at Goldman Sachs, he worked at Julius Baer as Head of Equities Derivatives, and after his tenure at Goldman Sachs, he has been the CEO of Horizon21 Wealth Management. Between 2009 and 2013, Matthias had different roles at UBS; CEO of Investment Banking Switzerland, Vice Chairman of Investment Banking EMEA, Head of Global Banks Business and Member of the Executive Committee of UBS Switzerland. During the last few years, he has engaged himself and held positions as a Board Member, Investor and Advisor, within Asset and Wealth Management, Fintech, Cybersecurity, E-commerce and Food.
He holds a lic.oec HSG from the University of St. Gallen, he speaks German and English.

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Daniel Vock, Advisor

Daniel Vock has been an analyst, portfolio manager and investor over his entire career. After having worked with BZ Bank AG and Cantrade Bank AG, he joined 1999 Acorma AG, a single Swiss family office, where he serves in the role of their Chief Investment Officer and as a member of various boards.

Daniel is a Chartered Financial Analyst (CFA) and holds a dual MBA from the University of Rochester and the University of Berne, Switzerland. He speaks German, English and French.

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SDBN Board of Directors

Olga Godinho, Chairman of the Board

Olga Godinho started her career in 1987 at Investec Bank. Subsequently she worked at the newly established Hong Kong Securities and Futures Commission in a team of 6 including the Chairman, responsible for establishing the framework for listed derivatives and for approving new issuance of derivatives. She joined Goldman Sachs in New York in Equity Derivatives Structured Products, structuring, pricing and risk managing equity derivative solutions to Institutional Clients and Ultra High Net Worth Individuals. In 2000 she set up her business working with select global Clients, advising, negotiating and acquiring high value financial investments, real estate and art.

She holds a MBA from London Business School, speaks Portuguese, English, German and French.

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Knut Bergo, Board Member

Knut Bergo is a Partner of Advokatfirmaet Schjødt in Oslo. 2000-2003 he was a Partner of Advokatfirmaet Wikborg, Rein & Co, and 2003 -2016 he was a Partner of Advokatfirmaet Wiersholm. He specializes in finance law and has written several books and articles on this subject as well as in general legal theory. Knut was admitted to the Norwegian bar in 1994 and holds a Cand. Jur. and a Dr. Jur. degree from the University of Oslo. He speaks Norwegian and English.

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Christian Wist, Board Member

Christian Wist is the CEO of the real estate company NHP Eiendom AS in Trondheim. From 2007 -2015 he was a Partner with Pretor Advokat AS, where he specialized in Technology, Telecom, Contractual and Corporate law. Christian also served as a Trustee in Bankruptcy, appointed by the Court. Prior to Pretor, Christian worked at Telia Marked AS and Enitel AS in connection with the deregulation of the Norwegian telecom industry in 1997 and 1998. Later Christian worked as a lawyer assisting the Trustee adv. Knut Ro managing bankruptcy negotiations in Enitel AS/ASA. He was admitted to the Bar (Adv. fullmektig) in 2000. He holds a Cand. Jur. from the University of Oslo, speaks Norwegian and English.

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Safe Deposit Bank of Norway is licensed by the Ministry of Finance of Norway and regulated by Finanstilsynet, the Norwegian Financial Services Authority (NFSA).

The Group

Safe Deposit Bank of Norway is owned by Safe Deposit Holding ASA

SDH Board of Directors

Christian Wist, Chairman of the Board

Christian Wist is the CEO of the real estate company NHP Eiendom AS in Trondheim. From 2007 -2015 he was a Partner with Pretor Advokat AS, where he specialized in Technology, Telecom, Contractual and Corporate law. Christian also served as a Trustee in Bankruptcy, appointed by the Court. Prior to Pretor, Christian worked at Telia Marked AS and Enitel AS in connection with the deregulation of the Norwegian telecom industry in 1997 and 1998. Later Christian worked as a lawyer assisting the Trustee adv. Knut Ro managing bankruptcy negotiations in Enitel AS/ASA. He was admitted to the Bar (Adv. fullmektig) in 2000. He holds a Cand. Jur. from the University of Oslo, speaks Norwegian and English.

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Olga Godinho, Board Member

Olga Godinho started her career in 1987 at Investec Bank. Subsequently she worked at the newly established Hong Kong Securities and Futures Commission in a team of 6 including the Chairman, responsible for establishing the framework for listed derivatives and for approving new issuance of derivatives. She joined Goldman Sachs in New York in Equity Derivatives Structured Products, structuring, pricing and risk managing equity derivative solutions to Institutional Clients and Ultra High Net Worth Individuals. In 2000 she set up her business working with select global Clients, advising, negotiating and acquiring high value financial investments, real estate and art.
She holds a MBA from London Business School, speaks Portuguese, English, German and French.

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Monica Haugan, Board Member & Head of Audit Committee

Monica Haugan is the Chairman of the Board of the real estate company Utstillingsplassen Eiendom AS in Norway. Monica has worked in the Treasury of Telenor ASA as Director and Head of Front Office for more than ten years and joined Statkraft AS in 2008 and headed the Front Office Treasury for more than three years. She serves on several boards, including Eidsiva Energi AS. Monica holds a dual MBA from Bocconi in Milan and from the Norwegian School of Economics. She is a Chartered Financial Analyst (Autorisert Finansanalytiker).

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Harry Konterud, Board Member

Harry Konterud held the position as CEO of Sparebanken Hedmark for 25 years, after a 10-year career on top-management level in Norske Skogindustrier AS. He also held the position as Chairman of the Norwegian Savings Banks’ Guarantee Fund during the Norwegian banking crisis in the 1990’s. In 2011 he was awarded the Order of St. Olav by the King for his services in the finance sector. He now holds several positions as chairman and member of the board within finance and industrial companies.

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Daniel Vock, Board Member

Daniel Vock has been an analyst, portfolio manager and investor over his entire career. After having worked with BZ Bank AG and Cantrade Bank AG, he joined 1999 Acorma AG, a single Swiss family office, where he serves in the role of their Chief Investment Officer and as a member of various boards.

Daniel is a Chartered Financial Analyst (CFA) and holds a dual MBA from the University of Rochester and the University of Berne, Switzerland. He speaks German, English and French.

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Financial Reports