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Vneshtorgbank opens its second Consumer and Mortgage Lending Center in Moscow

 
1 July 2005

On July 1, 2005, a ceremony to open another specialized sub-office of Vneshtorgbank, namely “Consumer and Mortgage Lending Center” took place. The new Center is now located at 5, Marksistskaya Str., Moscow.

The new Center was opened in compliance with Vneshtorgbank’s strategic plans to maintain and to solidify its leadership in the mortgage lending market of Russia. Mortgage Lending Program, which Vneshtorgbank offered to its customers in October 2003, is one of the best offers available on the market. Its main principles are mass-scale character, accessibility and sensibility to market volatility. Today, Vneshtorgbank has implemented one of its major tasks, that is to spread the Program all over Russia; now mortgage lending products are offered in all regions of Vneshtorgbank presence. Since the Program was launched in October 2003 and the first Center was opened in Moscow, a similar Center was opened in St. Petersburg and special mortgage loan departments started operating in most regional branches of the Bank.

Citing Andrey Suchkov, Vice President – Head of Consumer and Mortgage Lending Department, «opening another Consumer and Mortgage Lending Center in Moscow was driven by a need to establish a new specialized platform to deal with growing volumes of mortgage loans extended by Vneshtorgbank». Andrey Suchkov also added that by 2010 the Bank plans to extend its network of specialized outlets to five Centers.

The new Center will allow Vneshtorgbank’s customers to get the fullest possible range of mortgage lending services – from initial consultation to drafting and signing a mortgage agreement. Also, customers can use a standard set of banking services, such as opening and maintaining accounts both in Russian Roubles and in a foreign currency, depositing Russian Roubles and foreign currencies, fund transfers within the Russian Federation and abroad by individuals without opening an account, Western Union money transfers, and renting an individual safe deposit box.

The Center works from 9:00 to 18:00, Monday to Friday.

Terms and Conditions of Mortgage Lending

Vneshtorgbank offers mortgage loans both in Russian Roubles and USA Dollars to purchase an apartment in a multi-storied house on the primary or secondary housing market. The Bank’s annual interest rate is from 15% in Russian Roubles and from 10.5% in a foreign currency. The loan is secured by pledging the apartment to be purchased. Presently, VTB offers mortgage loans with a 20-year redemption. In future, the Bank plans to extend the loan period to 25 years.

Any customer of Vneshtorgbank can use the Bank’s Mortgage Lending Program facilities, irrespective of the place of his permanent registration.

In the short-term, the Bank is set to offer a new credit product – to extend a multi-purpose loan secured by pledging the housing in ownership.


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