The amount of hypothecary credits granted by the Bank of Moscow in Swiss francs to the beginning of November 2007 exceeds the equivalent of 4 billion rubles

In May 2007, the Bank of Moscow started to implement hypothecary credit programs in foreign currency for bank interest rates being so low as never before: from 7% per annum in Swiss francs. It is an absolutely new approach ever used on the Russian market of hypothecary crediting that opened incredible opportunities for clientele of the Bank: the lowest bank interest rate for hypothecary credits in Russia allows anyone to open an account on terms that meet the best European practice of housing crediting used today.

Said Alla Tsytovich, Managing Director of the «Retail business» segment of the Bank of Moscow: «Russian borrowers liked this new service. To the beginning of November 2007, the total quantity of the credits granted by the Bank of Moscow in Swiss francs amounts to 4 billion rubles (in equivalent). From the very beginning, experts of the Bank expected to reach this figure only to the end of the year».

To the beginning of November 2007 the scope of housing credits granted by the Bank of Moscow exceeded 12 billion rubles. From the beginning of 2007, the Bank’s hypothecary portfolio increased by more than 130%.

Nowadays the Bank of Moscow is among the top leaders on the hypothecary crediting market, and offer a wide range of programs to its clients. The Bank of Moscow is an undoubtedly path breaker on the Russian hypothecary market as the Bank was the first to apply a maximum flexible approach to initial installment specification for every client, and also the Bank was the first in Russia that used the practice to grant mortgage credits for house building for land lot loan.

Said again Alla Tsytovich, Managing Director of the «Retail business» segment of the Bank of Moscow: «Today the Bank of Moscow follows the overall development strategy of hypothecary crediting and in connection with this the Bank modernizes permanently its hypothecary programs which build hypothecary market in many ways in our country».

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The credit portfolio of the Volgograd branch of the Bank of Moscow has topped 8 billion roubles The branch is working successfully both in lending to legal entities and individual entrepreneurs, the volume of loans amounting to 5.3 billion roubles, and in the sphere of lending programmes private individuals. [Read...]