The proposed project consists of a loan to, and an option on the equity of, City Mortgage Bank in order to support the growth of its mortgage operations.
Significant transition impact is expected in the following areas:
1. Supporting a specialist mortgage institution which facilitates the development of both the primary and the secondary mortgage markets.
2. Developing a standardised mortgage product with the objective to support the development of the secondary mortgage market, either through securitisation of mortgage bonds or by covered bonds.
3. Increasing the competition in the Russian mortgage sector. A healthy mortgage industry will assist in bringing increased flows of financing to the residential mortgage sector to promote property ownership and mobility of ownership which are important cornerstones for economic stability.
CityMortgage Bank, a specialised mortgage lending bank headquartered in Moscow and providing mortgage loans in Moscow, Moscow region, St. Petersburg and elsewhere in the country.
Loan of USD 25 million in total with an option to acquire shares in CMB for an additional investment.
USD 25 million loan.
CityMortgage Bank will be required to comply with EBRD’s Environmental Procedures for Intermediated Finance through local mortgage companies, including ensuring compliance with the applicable national environmental, health and safety legislation, adherence with EBRD’s Environmental Exclusion List and submission of annual environmental reports to the Bank.
Mr. Nicholas Chitov, President & CEO
Tel: +7 095 783 75 75
Fax: +7 095 783 05 57
For business opportunities or procurement, contact the client company.
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
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