Russia's Sovcombank starts issuing digital mortgages remotely

Tuesday 2 June 2020 10:27 CET | News

Sovcombank, the third largest privately-owned bank in Russia by total assets according to Interfax ranking based on RAS, has launched online mortgage loans for the primary market.

The entire approval process no longer requires any visits to the bank branch and relies on using qualified electronic signature. On May 21, 2020, the Bank closed its first purely online transaction, according to the official press release. The loan was issued to finance the purchase of an apartment in St Petersburg (‘English Mile’ residential complex, Glorax Development) under a shared-equity construction agreement.

Digital mortgage transactions have now become a fully functional process and are not limited to Sovcombank’s existing customers; potential customers can also apply.

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Keywords: Sovcombank, digital mortgages, online banking, mobile banking, bank, Russia, fintech, bank account, digitalisation
Categories: Banking & Fintech
Countries: Russian Federation
This article is part of category

Banking & Fintech