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Report: SpareBank 1 Nord-Norge's former Russian unit to merge into new parent

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Report: SpareBank 1 Nord-Norge's former Russian unit to merge into new parent

will merge into parent JSC Fora – Opportunity Russian Bank, or Forus Bank,with the final stage ofthe integration process to be carried out by the end of the first quarter of2017, Delovoy Peterburg reported Oct.3.

ForusBank purchasedNorth-West 1 Alliance Bank earlier in 2016 from SpareBank 1 Nord-Norge, with the value of thetransaction estimated at 300 million Russian rubles. Forus was mainlyinterested in Alliance Bank's corporate loan portfolio and planned to re-sellthe remaining part of the lender, but sale negotiations fell through, afterwhich the parent decided to integrate the unit into its structures, the newsreport said.

As of Oct. 3, US$1 wasequivalent to 62.37 Russian rubles.