Subsidiary of City Mortgage Bank Ltd. opened in Yekaterinburg on May 16, 2006.

‘Before entering the new regional market, we normally look at its development potential and the turnover of transactions. Yekaterinburg is currently one of Russia’s leading building industry areas, which is a very important factor for a bank like ours. It is here that we will introduce the ruble mortgage schemes; besides, we’ll be able to provide the most convenient kinds of loans,’ President Nikolai Schitov said at the press conference.

‘Our loan portfolio comes to over $120m, and we are planning on giving $80m worth of loans,’ Mr Schitov said.