Sparebank 1 Northern Norway have tried to sell two Russian banks in two years, but no one will buy. Instead, the bank lost 300 million dollars.
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Western sanctions and weak ruble has hit the Russian economy hard the last year.
Sparebank 1 in Russia Sparebank 1 Northern Norway announced Friday about NOK 300 million in loan losses in Russia. For seven years it has been co-owner of two banks in St. Petersburg and in northwestern Russia, Tavrichesky Bank and North-West 1 Alliance Bank.
CEO Jan-Frode Janson Sparebank 1 Northern Norway has tried to get rid of banks since he came to Tromsø two years ago.
– The intention of going into Russia was good. It was a period of low growth in northern Norway and the bank would follow north Norwegian business into Russia, where growth was greater. Later business in Russia has taken a bigger risk. Therefore we started a phase in 2013, says Janson.
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