Media reported about the sale of Nordea Bank’s mortgage portfolio by 16 billion rubles.

That Nordea Bank sells retail portfolio in the amount of about 16 billion rubles, Sovcombank, writes in Wednesday newspaper “Kommersant”, citing sources familiar with the negotiations.

According to interlocutors of the newspaper, we are talking about the retail portfolio, about 30% of which is foreign currency loans and about 90% of which is mortgage. The transaction is expected to close in the coming days, the sources of publication.

As the paper notes, Nordea Bank in 2014 decided to cease development of the retail business, decided to concentrate on the corporate segment. When the Bank decided to reduce the regional network, leaving the offices in Moscow and St. Petersburg. Since then, the retail portfolio declined by 30% — to 16.6 billion rubles.

Close to the Bank, the source explained to the newspaper that “this created some difficulties for clients who needed to repay loans and the Bank who had to keep a considerable staff for maintenance of this portfolio.” Another interviewee said that the decision to sell the portfolio was made a year ago and the priority was not in the speed of sale and price.

The interviewed participants of the Bank market notice that the logic on the part of Sovcombank, for which the mortgage is a non-core business, is not so obvious. “Hardly, and buying now means the Bank’s intention to become an active player in the mortgage market. Most likely, the mortgage portfolio of interesting as an asset with a good yield at low risk”, — quotes the edition review Vice-President of Board Communication-Bank Olga Olejnik.