Nordic bank SPVs start work on bad Baltic loans
Nordic banks are beginning the long process of tidying up their bad Baltic property loans, with all four of the most exposed institutions creating special purpose vehicles (SPVs) in the last couple of months to take ownership of loan collateral. The strategy will leave the banks owning and managing large numbers of offices and retail properties in the region while they wait for markets to recover – which is expected to take five years or more.
SEB has three SPVs – Estectus in Estonia, Litectus
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