Amidst the economic crisis that has caused significant
turbulence in the Baltic states, SEB has written-off almost €40
million in leasing related bad debts from its customers in the
region.
These written-off leases, which are valued up to SEK400 million
(€37.2 million), will be channelled into a special purpose vehicle
(SPV) that has been set-up in order to house assets seized from
borrowers who have breached contract agreements.
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Details of the SPV, which will also receive around SEK300
million (€27.9 million) of bad debts from SEB’s Baltic real estate
arm, were provided to the newswire, Dow Jones, in an interview with
SEB’s chief executive Annika Falkengren.
Falkengren also predicted that SEB’s Baltic loan losses – which
he described as being “surprisingly low” – would drop by the end of
this year.
Brendan Malkin
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