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OTP Bank Russia sells RUB 17 bln in bad loans

MNB

The Russian unit of Hungaryʼs OTP Bank has sold approximately RUB 17 bln of its bad loans to factors in 2015 alone, Russian business daily Vedomosti said yesterday, citing a source at a factor, Hungarian news agency MTI reported. 

OTP Bank Russia’s deputy chairman Sergey Kapustin confirmed that the bank intended to complete the sale of its bad loans by the end of March, but he did not reveal the value of the transaction. The daily said the sale amounted to roughly half of the bankʼs bad loans, which were valued at RUB 32 bln and were 650 days overdue on average.

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