OREANDA-NEWS. On 29 July 2009 Renaissance Credit, the consumer finance business of Renaissance Group, announced that it recommenced general purpose lending beginning today. The bank plans to issue over 25,000 general purpose loans by end of 2009.

Renaissance Credit plans to issue GP loans to existing customers who have demonstrated excellent payment history and have a stable financial status. Loans will be issued in more than 30 branch locations across Russia.

“In line with our announcement earlier this month on the bank’s plans to lend USD 200 million by the end of the year, we are gradually broadening our lending activities across multiple product range,” – said Alexei Levchenko, CEO of Renaissance Credit. – In the beginning of July we began lending through the Svyaznoi retail chain and removed limits on credit cards for tens of thousands of customers. Issuing general purpose loans is the next step in originating top-quality assets.”

“More importantly, our approach remains consistent: to generate high-quality and profitable volume while maintaining a conservative risk management approach,” Levchenko added.