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Report: Tinkoff Bank wins tender for loan portfolio of Svyaznoy

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Report: Tinkoff Bank wins tender for loan portfolio of Svyaznoy

took over the approximately15 billion Russian rubles loan portfolio of JSC Svyaznoy Bank, following a tender launched by theRussian Deposit Insurance Agency, Kommersantreported May 11.

Tinkoffwas the only bidder meeting the requirements to participate in the DIA'scompetition, and also the only lender that showed interest in the tender, thenews report said. The loan portfolio of Svyaznoy, which lost its in 2015, includes426,000 loans. Loans totaling 488.5 million rubles are serviced in a timelymanner, but the remaining 97% of the portfolio is overdue.

In2015, Tinkoff Bank purchasedseveral credit card portfolios worth about 6.43 billion rubles from SvyaznoyBank.

As of May 11, US$1 wasequivalent to 65.19 Russian rubles.