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Norway's biggest bank sells out of Russia

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Norway's biggest bank sells out of Russia
DNB's new building in Oslo's 'barcode' development. Photo: Nina at 78/Flickr
15:41 CEST+02:00
Norway's biggest bank DNB announced on Friday the sale of its Russian assets as part of a strategic repositioning, but said that this was not connected to the crisis over Ukraine.
The bank sold five retail banking units employing nearly 200 people to Asokerco Trading for an undisclosed sum.
   
"This represents a minor portion of our assets and the effect on our books will be almost negligeable," DNB spokesman Thomas Midteide told AFP, adding that the move was part of a strategic repositioning, following sales of retail outlets in Poland last year.
   
"The process began last year and has nothing to do with the recent political events," Midteide said.
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