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Russia’s Raiffeisenbank and Mechta Housing Complex offer joint mortgage lending programme

ZAO Raiffeisenbank and ООО Mega-Mechta announce their cooperation in the area of mortgage lending for the primary and secondary housing markets.

Under the jointly developed lending programme for individuals acquiring flats in completed buildings or buildings under construction in the Mechta Housing Complex, loans are issued in RUR and USD for a period of 1-25 years. The maximum loan amount depends on the currency and covers up to 85% of the cost the housing being acquired. The minimum interest rate for a loan is 12.5% in rubles and 9% in dollars.

The programme was developed for the Mechta complex, which is being built in the Dmitrovsky District of the Moscow Region. The sale of property in the complex is strictly governed by Russian Federal Law No. 214, using Co-investment Contracts.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 10th among the Russian banks in terms of assets, based on Q1 2012 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of liabilities of individuals and 10th 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 59,000 employees service about 13.8 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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