The alliance has its headquarters in Oslo, Norway, and the ownerbanks has a total assets of NOK 250 billion.

The alliance was founded in 1997 as Eika Gruppen as a consequence of the new trends in Norwegian banking.

In 1996 a lot of the other large, regional banks formed an alliance called SpareBank 1 to provide an umbrella for their operations.

On November 28, 2007, Terra Securities lost all concessions from the Financial Supervisory Authority of Norway and filed for bankruptcy the same day.

Konsernsjef (Stein Ole Larsen) and visekonsernsjef (Lise Vedde-Fjærestad) resigned in 2012, on the same day[1] that media reported about Finanstilsynet's criticism of the company.