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Nordea to write off €141M of Russian goodwill for Q4'18

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Nordea to write off €141M of Russian goodwill for Q4'18

Nordea Bank Abp will write off goodwill related to Russia of €141 million for the fourth quarter of 2018, following a de-risking of its loan portfolio in the country.

The Nordic lender has reduced its Russian loan book by more than 60% since 2014, including a divestment of the household loan book.

The write-down, which will be reported as a depreciation in Nordea's fourth-quarter 2018 results, will not impact the bank's cash flow or common equity Tier 1 ratio and will have a marginally positive impact on its return on equity beginning 2019, Nordea said.