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Norway's DNB sets up new unit to exit non-core business in oil, shipping
November 21, 2017 / 11:56 AM / in 22 days

Norway's DNB sets up new unit to exit non-core business in oil, shipping

OSLO, Nov 21 (Reuters) - DNB ASA

* Sets up new non-core unit from Jan 1 to accelerate rebalancing and significantly contribute to improving return on equity

* Says to have clear exit strategy for the non-core portfolio

* Portfolio of new unit has exposure at default (EAD) of about $10 billion

* Says portfolio limited to shipping and oil-related exposures

* New unit taking over portfolio of exit exposures and certain loss-exposed loans

* says about 30 pct of exposure is subject to restructuring, but less than 20 pct is loss exposed and non-performing

* New unit has mandate to speed up volume reduction (Reporting by Oslo newsroom)

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