OREANDA-NEWS. On 30 January 2008 was announced, that KIT Finance and Russian Mortgage Bank entered on a “Russian Mortgage”
Investment bank KIT Finance and commercial bank “Russian Mortgage Bank” /RMB/ have entered on a “Russian Mortgage” project. Within the framework of this project KIT Finance is the agent of RMB and offers its clients the mortgage products of RMB. It is a conceptually new form of partnership for the Russian mortgage market. RMB can realize its own mortgage products, leveraging regional network of KIT Finance which embraces 70 Russian cities up to date. The Director of Strategic Partnerships Retail Department of KIT Finance, Vyacheslav Kudryavtsev, says, "As a result, private individuals gain access to a wide range of competitive credit products in the offices of our federal network and the product provider itself /RMB/ obtains an effective channel of indirect sales in the regions".

KIT Finance is one of the largest mortgage banks in Russia. The Bank issued about 20 thousand mortgage loans under its own mortgage origination programme in 2007; its total mortgage portfolio is more than 32 bln. rubles. Bank’s mortgage products take leading positions in many Russian regions. Besides, KIT Finance is implementing a programme of refinancing mortgage loans issued by other market players.

"Establishment of agent relationships with KIT Finance will help us leverage our partner’s experience in organization of active sales of our mortgage products in the regions. In its turn, the very fact that since August 2007 (the launch of “Russian Mortgage” programme in the regions) our indirect regional sales of mortgage loans have reached 400 mln. rubles, reveals their affordability and attraction to the population", - noted Chairman of the Board of the Russian Mortgage Bank, Tatiana Voznesenskaya.

Regional subdivisions of KIT Finance in Krasnodar, Lipetsk, Kazan, Ekaterinburg, Volgograd, Ryazan, Yaroslavl, Nizhniy Novgorod, Tyumen, Chelyabinsk and Magnitogorsk will have entered on this joint project by the end of January, 2008, and by the end of the year – in all others cities of the Bank’s presence.