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Norway's biggest bank sells out of Russia

AFP
AFP - [email protected]
Norway's biggest bank sells out of Russia
DNB's new building in Oslo's 'barcode' development. Photo: Nina at 78/Flickr

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.

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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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