GJEB: Gjensidige Bank ASA - Sells portfolio of non-performing loans
Gjensidige Bank has entered into an agreement to transfer a sizable share of its impaired and written-off unsecured lending portfolio to Lowell Group, a leading international purchaser of non-performing loans. The transaction is estimated to be closed in Q2’18 and has an estimated gain of NOK 130 million on the company’s pre-tax earnings. The transaction will improve capital ratios and reduce the uncertainty around recoveries of outstanding claims.
Gjensidige Bank ASA is a wholly owned subsidiary of Gjensidige Forsikring ASA.
Contact persons, Gjensidige Bank ASA:
Chief Financial Officer: Teemu Alaviitala, Tel: +47 400 21 874
Head of Investor Relations: Mitra Hagen Negård, Tel: +47 957 93 631
This information is subject to disclosure under Oslo Stock Exchange's ABM rules.