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Report: Nordea Bank Russia to off-load mortgage portfolio

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Report: Nordea Bank Russia to off-load mortgage portfolio

JSC Nordea Bank will sell a portfolio of retail loans worth around 16 billion Russian rubles to PJSC Sovcombank, with a deal expected to be signed within the next few days, Kommersant reported Jan. 18, citing three sources close to the sale negotiations.

Mortgage loans constitute around 90% of the portfolio, and around 30% of its total value is denominated in foreign currencies. The portfolio will be sold at face value, the news report said.

The sale follows Nordea Bank AB (publ)'s decision to cease operations in the Russian retail banking segment and focus on corporate business, Kommersant said.

As of Jan. 17, US$1 was equivalent to 59.33 Russian rubles.