Nevi (company)

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Nevi was a financial company based in Bergen, Norway, owned by Vital. It grew quickly in the early 1980s and expanded beyond Norway. Its assets rose from 1.4 billion NOK in 1980 to 3.5 billion in 1982, 8.5 billion in 1984, and it peaked at 15.9 billion NOK in 1986. The company expanded to Denmark in 1982, bought Staten Bank Holland in 1984, and in 1985 started Sleipnir UK, bought British Baltic PLC, and Danish stock broker Erik Møller Eftf.

After making profits from 1980 to 1985, Nevi began losing money in 1986. In 1987 it suffered large losses from the bankruptcy of VIP Scandinavia and closed its operations in Britain and the Netherlands, recording a loss of 597.6 million NOK that year. By 1988 Nevi had become Scandinavia’s largest financing company, with operations in Norway, Sweden, Denmark, Iceland, and the Netherlands and total assets of about 14 billion NOK, half of which were short-term money-market loans. To cover defaults, its lender Vesta lent Nevi about 960 million NOK in 1987–1988, which nearly pushed Vesta into bankruptcy; to secure liquidity, Vesta had to sell Nevi. Nevi was bought by its largest creditor, Bergen Bank, for about 1.5 billion NOK.