“Russia's Sberbank offers a break on personal loans (AP via Yahoo! Finance)” plus 2 more |
- Russia's Sberbank offers a break on personal loans (AP via Yahoo! Finance)
- Sberbank offers to ease personal debt pain (Reuters via Yahoo! Malaysia News)
- Federal SBA loans available to victims of recent flooding (L'Observateur)
| Russia's Sberbank offers a break on personal loans (AP via Yahoo! Finance) Posted: 27 Jan 2010 03:15 AM PST MOSCOW (AP) -- Russia's largest bank, Sberbank, announced a restructuring deal Wednesday for personal loans in a move to curb the country's snowballing bad debt. Starting Monday, Sberbank will offer private borrowers with loans 30 to 90 days overdue an opportunity to restructure or refinance their debts, the state-controlled lender said in a statement. The bank is also offering the possibility of out-of-court settlements if proceedings on overdue loans have been initiated but the court has not ordered bailiffs to recover the debt. Observers have warned that bad loans still pose a risk for the country's underdeveloped financial sector. The Standard and Poor's ratings agency forecast last month that the banking system may lose 14 percent of its loans by 2012. Sberbank's offer -- unprecedented for Russia's banking sector -- will be valid through May 1. The bank's chairman, German Gref, Russia's former economic minister, said last week that he expects at least 20 percent of all loans in the banking system to prove to be non-performing this year. Sberbank's share of bad debts is likely to be much lower, he said. According to Sberbank's third-quarter results, the share of non-performing loans in the bank's total portfolio stood at 7.9 percent. Russia's economy has recently emerged from its sharpest recession in a decade. Its gross domestic product is expected to have contracted by 8.5 percent last year, although the economy has been growing for two consecutive quarters. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Sberbank offers to ease personal debt pain (Reuters via Yahoo! Malaysia News) Posted: 27 Jan 2010 08:31 AM PST * Will extend loans, cut monthly payments * Hopes personal loan portfolio to grow around 7 pct MOSCOW, Jan 27 - Sberbank <SBER03.MM>, Russia's biggest lender, on Wednesday offered to restructure the overdue loans of struggling personal borrowers in a move to tackle bad debt and increase profitability. The bank hopes to benefit in the long term as credit quality improves with Russia's gradual economic recovery. "At least the provisions for those loans will stop growing," Natalia Karasyova, the director of Sberbank's retail lending division, told a press conference. "In time the loans may become quality ones... We offer clients the chance to start with a clean slate." Russian banks' retail business enjoyed double-digit growth while the economy was booming but stumbled in 2008-2009 as two million people lost their jobs and consumer demand slumped. Sberbank is offering to extend loans and trim monthly repayments for clients who lost their jobs or suffered pay cuts. Interest rates and the principal will remain the same. She did not exclude extending the deal to customers of other banks but did not elaborate. Sberbank -- which has 8.5 million personal borrowers -- says bad loans accounted for around 4 percent of its 1.17 trillion roubles retail portfolio as of Jan. 1, 2010. It aims to reverse the 7 percent fall in its loan portfolio in 2009. The bank issued 54 billion roubles of new loans last December -- just slightly below 60 billion roubles of loans it sold monthly before the global crisis hit Russia in September 2008. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. This posting includes an audio/video/photo media file: Download Now |
| Federal SBA loans available to victims of recent flooding (L'Observateur) Posted: 27 Jan 2010 07:00 AM PST Comment posters are responsible for the opinions they express and the accuracy of the information they provide. We urge comment writers to treat this as a public forum where manners matter. We encourage a collegial, non-insulting tone. All readers comments must be approved by our staff before posting to the Web site. Be aware, in accordance with the Communications Decency Act and provisions upheld in judicial appeal, that you are responsible for comments posted on this Web site. The L'Observateur is not liable for messages from third parties.
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