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Knut Agathon Wallenberg of the Stockholms Enskilda Bank and Emil Glückstadt of Landmansbanken (Copenhagen) founded the British Bank of Northern Commerce in February 1912, together with several other banks including Centralbanken for Norge (Christiania), Banque de Commerce de l`Azoff-Don (Petrograd), and Banque de Paris et des Pays Bas (Paris).
He was a board member of Union Co from 1924 to 1940, Lilleborg Fabrikker from 1930, Kværner Brug from 1931, De-No-Fa from 1945, of the bank Centralbanken for Norge from 1923 to 1935 and of Granfos Brug and the Federation of Norwegian Industries.