DNB acknowledges overly generous loans to distressed offshore sector

Bank DNB is hit by big losses on its loans to the offshore sector, and the bank now acknowledges that it was, years ago, too generous with loans for the sector.

Harald Serck-Hanssen, group executive VP of Corporate Banking at DNB. | Photo: PR-FOTO

Major Norwegian bank DNB is for the second time in five years hit by loan losses to the offshore sector, and the bank now acknowledges that some of the loans should never have been given, DNB's CEO of Corporate Banking, Harald Serck Hanssen, tells Dagens Næringsliv.

During the coronavirus crisis, DNB has booked loan losses totaling NOK 10 billion (USD 1.18 billion). Most of these losses stem from offshore shipping companies and rig operators.

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