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Report: Gazprombank to shut mortgage unit

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Report: Gazprombank to shut mortgage unit

intends to liquidateunit Bank GPB-Mortgage (JSC)in the first half of 2017 after completing the sale of its assets, Kommersant reported May 6.

The lender'sliabilities as well as its real estate will be transferred to Gazprombank and othercompanies in the Gazprombank group during the course of 2016.

The mortgageunit's liabilities will be repaid from proceeds coming from the sale of its assets,the newspaper noted, adding that the lender has divested a loan portfolio of 4.39billion rubles and repaid a 1.32 billion ruble subordinated loan.

As of May 6, US$1 was equivalentto 65.78 Russian rubles.