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-IFC seeks to purchase bad debt from Russian Sberbank, DIA.

BANKING AND CREDIT NEWS-September 24, 2010--IFC seeks to purchase bad debt from Russian Sberbank, DIA(C)2010 M2 COMMUNICATIONS

24 September 2010 - The International Finance Corporation (IFC) has launched discussions with Russia's top lender Sberbank (MCX:SBER03) and state-run Deposit Insurance Agency (DIA) on purchasing bad debt, IFC head of financial markets in Central and Eastern Europe in Moscow, Timothy Krause, said on Friday as quoted by Bloomberg.

IFC, the World Bank's private sector arm, is looking for assuming bad debt in Russia for the first time.

Russia's sour loans are expected to increase to 10.5% in 2010, according to data of rating agency Rusrating, quoted by Bloomberg.

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Publication:M2 Banking & Credit News (BCN)
Date:Sep 24, 2010
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