URSA Bank and MDM-Bank united to take part in an auction where bidders competed for the available reserves of the Communal Housing Services Support Fund that could be placed onto their deposits. Both banks won the auction and signed the transactions providing for deposition of the resources within the set limits. The auction was coordinated by Saint Petersburg Currency Exchange, the spokesperson for URSA Bank reports.

‘This is the first time we’ve united with MDM-Bank for a bid, that is, we negotiated over the terms, the rates, and the tariffs. This successful cooperation experience has laid the basis for creating a unified interest rate policy for our banks,’ says URSA Bank’s Deputy GD Maxim Krasnikov.

‘The discussion of the terms the two banks can find suitable for taking part in an auction is a logical and effective way for two strong financial bodies to start collaborating,’ MDM-Bank’s Vice President Dmitriy Starchenkov notes.