Russia’s Sovcombank starts issuing Digital Mortgages completely remotely

Sovcombank 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 an enhanced qualified electronic signature.

On May 21st, the Bank closed its first purely online transaction. 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.

Sergey Khotimskiy, First Deputy Chairman of the Management Board:

“After a successful pilot we can now issue mortgage loans for the primary market online. Today, it is essential for our customers to be able to enter into mortgage transactions staying home.”

About bank

Sovcombank is Russian universal bank with RUB 1,1 tn total assets. It operates a network of 2500 offices and employs 15,600 people across 1,034 Russian cities. The bank serves 6 million clients. Credit ratings (international scale): ВВ, outlook stable (Standard & Poor’s), Вa2, outlook stable (Moody’s), ВB+, outlook negative (Fitch Ratings). Credit ratings (national scale): A+, outlook stable (Analytical Credit Rating Agency or ACRA), А, outlook positive (Expert RA), АА-, outlook stable (National Credit Ratings agency or NCR)

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