April 25, 2014 / 7:37 AM / in 4 years

Norwegian bank DNB sells its Russian operations

OSLO, April 25 (Reuters) - Norwegian bank DNB has sold its operations in Russia as part of its strategy to focus operations on its core markets, in a transaction it said would not have a significant effect on the bank’s results, it said on Friday.

The bank would not disclose the terms of the agreement to sell JSC Commercial Bank DNB Bank to Asokerco Trading Limited LLC.

“This is a part of our communicated strategy. Our operations in Russia were small, with only five bank branches,” spokesman Thomas Midteide told Reuters.

Midteide said the transaction was not motivated in any way by the conflict in Ukraine. (Reporting by Camilla Knudsen, editing by Gwladys Fouche)

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