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Gjensidige Bank agrees to sell nonperforming loan portfolio

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Gjensidige Bank agrees to sell nonperforming loan portfolio

Gjensidige Bank ASA has reached an agreement to transfer a "sizable share" of its impaired unsecured lending portfolio to an international purchaser of nonperforming loans.

Specific details of the transaction, which is expected to close in the fourth quarter, were not disclosed in the Nov. 16 announcement.

The Gjensidige Forsikring ASA unit said the transfer will impact its pretax earnings by 110 million Norwegian kroner but will improve its capital ratios and reduce uncertainties around recoveries of outstanding claims.

As of Nov. 15, US$1 was equivalent to 8.23 Norwegian kroner.