Christiania Bank major financial crisis in Norway and by 1991 the bank had used up all capital. To save the bank, the Government of Norway took over the bank and gave it new capital, rescuing it from bankruptcy. In the early years of the 1990s, the bank also bought Sunnmørsbanken and Sørlandsbanken. In 1995, the government reduced its ownership to 51%, listing it on the Oslo Stock Exchange, and in 1999 to 35%. The same year, the Swedish MeritaNordbanken bid for the bank, and in 2000 the government sold its shares and the bank became part of Nordea. Christiania Bank was at
European Capital of Culture of designating an annual Capital of Culture to bring Europeans closer together by highlighting the richness and diversity of European cultures and raising awareness of their common history and values. It is strongly believed that the ECoC significantly maximises social and economic benefits, especially when the events are embedded as a part of a long–term culture-based development strategy of the city and the surrounding region. The Commission of the European Union manages the title and each year the Council of Ministers of the European Union formally designates European Capitals of Culture: more than 40 cities have been designated so far.