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Report: SMP Bank to diversify lending under 2020 strategy

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Report: SMP Bank to diversify lending under 2020 strategy

Theshareholders of JSC Bank SevernyMorskoy Put, which specializes in corporate lending, plan totransform it into a universal lender under a strategy spanning until 2020, Vedomosti reported.

Thelender and unit PJSC MoscovskiyOblastnoi Bank plan to increase their loan portfolio to between 300billion Russian rubles and 400 billion rubles by 2020 from roughly 180 billionrubles as of March 1. Retail loans total 13 billion Russianrubles, with the remainder of the loan book made up mainly of corporate loans,the report noted.

Thebank wants to increase retail lending to 20% of its total portfolio and raiselending to small businesses to 10% of total loans by 2020. Small-business loanscurrently amount to 10 billion rubles.

As of April 13, U$1 wasequivalent to 65.56 Russian rubles.