Norway's biggest bank, DNB, doesn't expect losses from Russian seafood ban
SEAFOODNEWS.COM [Bloomberg] By Niklas Magnusson - September 15, 2014 -
DNB ASA (DNB), Norway’s biggest bank and one of the world’s largest lenders to the seafood industry, said it won’t lose money as a result of Russia’s ban on fish imports.
The Oslo-based bank predicts it will suffer “no increased loan losses -- not at all” at its seafood division because of President Vladimir Putin’s import restrictions, Anne Hvistendahl, head of the DNB unit, said in a phone interview.
Norway, the world’s biggest salmon producer, has huddled to protect its fishing industry since Putin’s food ban was unveiled at the beginning of August. The government in Oslo has adjusted fishing quotas to support prices and DNB, part government owned, says it’s ready to provide temporary debt relief to aid its marine clients.
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