The NBGF was created in July 2004 as a result of the merger of the Commercial Banks' Guarantee Fund and the Savings Banks' Guarantee Fund. Banks with a head office in Norway, and subsidiaries of foreign banks operating in the country, are members of the NBGF in accordance with Norwegian law. The main role of the NBGF is to cover deposits in member banks. Norwegian law states that deposits are guaranteed up to a total amount of 2 million NOK.
In March 2005, the Board of the NBGF announced a new investment strategy to replace the strategies of the two former guarantee funds, and subsequently undertook an extensive review of securities services providers.
Sigmund FrÃ¸yen, chief investment officer, at the Norwegian Banks' Guarantee Fund, said, "We are impressed by JPMorgan Worldwide Securities Services' experience in the region and its ability to provide such a broad and deep range of services. In particular, we feel that JPMWSS offers the most comprehensive and flexible performance management and analytic tool available to help us maximise the returns on our assets."
Ramy Bourgi, business executive for JPMorgan Worldwide Securities Services in Europe, the Middle East and Africa, said, "We are delighted that the trustees of the Norwegian Banks' Guarantee Fund selected JPMorgan Worldwide Securities Services to support the global and domestic assets managed by the fund. As the largest non-indigenous custodian in the region, we look forward to working with such an important institution within the Norwegian banking sector."