Terra Securities

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Terra Securities ASA
Type Subsidiary
Industry Financial services
Founded 1997
Headquarters Oslo, Norway
Area served Norway
Key people Svein Erik Nordang (CEO)
Gabriel Block-Watne (Chairman)
Operating income NOK 384 million
Net income NOK 179 million
Employees 63 (2007)
Parent Terra Markets
Website www.terra.as

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 66.73% by Terra-Gruppen and the rest by the company management.

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.[1][dead link]

References[edit]

  1. ^ Aftenposten (English edition) (2007-11-28). "Terra Securities bankrupt".