OREANDA-NEWS. June 16, 2008. A project which will unite financial capacities of Evrofinance Mosnarbank and a wide experience in the development business of PIK Group is to be launched in June 2008.

A customer of PIK Group who plans to purchase an apartment will be able to turn for finance to a new partner bank which offers competitive lending terms. Upon registration by the borrower of the title to the real estate the lowest possible interest rate will be 9.9 percent per annum in the US Dollars and 11.2 percent per annum in Russian Roubles. Prior to that the lowest possible interest rate will be 11.4 percent per annum in the US Dollars and 12.7 percent per annum in Russian Roubles. More detailed information is available on the Bank’s web-site.

Yelena Kouratkina, head of Customer Programs and Mortgage Programs Development, PIK Group, commented on a new partner bank:
‘Our customers are our greatest asset and thus we pay much attention to the terms on which banks lend to them. Our task is not only to offer apartments which will meet the needs of our customer but also to offer a tool to finance a purchase. Evrofinance Mosnarbank has a rich history and recently became active in retail banking including mortgage lending. We hope that manifest advances made by the Bank in this field, fresh ideas, new approaches to their implementation and new bank products will lay a solid basis for our business co-operation. Our customers will get extra opportunities for raising mortgage loans’.

Sergei Yarosh, Deputy Chairman of the Executive Board, Evrofinance Mosnarbank, Moscow, pointed out:
‘Our bank entered the mortgage market later than many other credit institutions, but we did it at an auspicious moment. We have summed up the experience of the pioneers in the domestic mortgage market and analyzed mistakes which had been made. In my view, at present it is a right moment for a second wave of banks entering the mortgage market and we try to capitalize on it. The distance between the office of PIK Group and the premises of Evrofinance Mosnarbank - which a purchaser of an apartment shall cover to get a loan - is just 485 yards. We view PIK Group as our strategic counterparty not only in Moscow but in the Russian regions covered by the Bank’s wide branch network’.