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Russia’s Raiffeisenbank and the LenRusStroy Building Corporation Offer a Joint Mortgage Lending Program

Raiffeisenbank in St. Petersburg and LenRusStroy building corporation signed a partnership agreement on cooperation in lending to the primary residential real estate market.

As part of the retail lending programme developed by Raiffeisenbank, buyers of apartments in buildings being constructed by LenRusStroy can receive 1-25 year mortgages in roubles and U.S. dollars. The maximum mortgage loan amount depends on the loan currency and amounts to 85% of the cost of the purchased property. The minimum interest rate is 13.5% per annum in roubles, and 10% per annum in U.S. dollars. After the borrower registers ownership of the property, the lowest mortgage interest rate is lowered to 12.5% per annum in roubles, and 9.0% per annum in U.S. dollars. Raiffeisenbank does not charge a fee for issuing mortgages.

Under the agreement, the decision to issue a mortgage can be made within 2 days, and the decision is valid for 4 months. The parties to the agreement will jointly inform the client about the mortgage transaction procedure, as well as the conditions and benefits of Raiffeisenbank mortgages.

As of now, as part of this programme the Dudergofskaya Liniya — 3 residential complex has been accredited, which is being built in the Krasnoselsky District of Saint Petersburg. The apartments in the complex are sold in strict accordance with law 214-FZ, and partnership agreements are concluded.

«We are delighted to have engaged a new mortgage lending partner in the form of one of the largest banks in St. Petersburg, and to have expanded the range of mortgage programmes for our clients. We are looking forward to long-term and fruitful collaboration,» said Maxim Vladimirovich Zhabin, deputy director general of the LenRusStroy building corporation.

«By engaging a new partner and property developer we are continuing our strategy to increase the sale mortgage loans. More and more clients are considering buying real estate which is under construction, and we are ready to offer our clients an effective financial instrument which will enable them to purchase the property of their desire,» said Alexander Konyshkov, director of the North-West regional centre of Raiffeisenbank.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 10th among the Russian banks in terms of assets, based on 2011 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of private deposits and 8th with regard to consumer lending.

Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. RBI is the only Austrian bank with a presence in both the world’s financial centres and in Asia, the group’s further geographical area of focus. Around 60,000 employees service about 13.7 million customers through around 2,900 business outlets, the great majority of which are located in CEE. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBI’s shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group, and serves as the group head office of the entire RZB Group, including RBI.


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