Support The Moscow Times!

Sberbank Tendering Debt

Sberbank has sent out proposals to major debt collecting agencies about participating in a tender to buy retail debts, Interfax reported, citing an article in Kommersant.

Sources from the collections industry told Kommersant that the proposal had been received a few days ago and the amount of principal debt was about 8 billion rubles ($275 million).

The debt being offered for sale is mostly on unsecured retail loans. Bids for participation in the tender are being accepted until the end of February. A top manager from Sberbank confirmed that the bank was planning a tender and said that with penalties, the volume of debt offered would exceed 10 billion rubles.

(MT)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.