Advanzia Bank S.A was established in Luxembourg in 2005, subject to CSSF supervision, specializing in no-fee credit cards and euro savings accounts. The bank was established as a result of the former Founding Management of Bankia Bank seeking to establish an EU-based bank. This was accomplished with the previously largest shareholder of Bankia Bank, Kistefos, becoming the largest shareholder of Advanzia Bank. Tor Erland Fyksen, Jan Grenth, Jan Halvorsen, and Eirik Holtedahl have together with Dr. Thomas Schlieper set up the bank, which has quickly become the largest issuer of international credit cards in Germany.