Former type ASA/Subsidiary Fate Bankruptcy Net income NOK 179 million Founded 1997 Ceased operations 2007 | Industry Financial services Operating income Headquarters Oslo, Norway Number of employees 63 (2007) Area served Norway | |
Defunct 2007; 10 years ago (2007) Parent organizations Terra Markets, Norne Securities Key people Svein Erik Nordang, Gabriel Block-Watne | ||
Terra Securities ASA was a Norwegian security company that sold various financial instruments, index options, hedge funds and other investment securities through 78 local savings banks that are members of Terra-Gruppen. In 2006 it had a market share of 1.92% on Oslo Stock Exchange, rating it as the 21st largest of 49 security companies in Norway. The company was a subsidiary of Terra Markets that is owned by Norne Securities.
In 2007 the company was hit by the Terra Securities scandal that after having misinformed eight municipalities in Norway as to the risk of their investments. On 28 November 2007 the company filed for bankruptcy after the Financial Supervisory Authority of Norway had stripped Terra Securities of its brokerage license.
References
Terra Securities Wikipedia(Text) CC BY-SA