Business
Kreditmart first branch
Kreditmart first branch.
About this update from Aurrigo International Plc
[{"type":"text","content":"\n Aurora Russia Limited\n21 March 2007\n\n\nMarch 21, 2007\n\n Kreditmart, Aurora Russia Limited's second investment, announces first branch\n opening and first customer approvals\n\nKreditmart, a financial services broker specializing in mortgage and consumer\nfinance products, announces today the opening of its first branch and the\napproval of its first mortgage customers.\n\nKreditmart was founded in September 2006 with a GBP 12.5 million investment by\nAurora Russia Limited ('Aurora Russia'), the AIM-quoted investment vehicle\nestablished to make equity or equity-related investments in small and mid-sized\nprivate companies in Russia. Aurora Russia owns 100% of Kreditmart (85% after\nmanagement options have been granted).\n\nThe branch is located at 29 Gogolevskiy Boulevard in the centre of Moscow and is\nthe first of 10 branches that Kreditmart is planning to open in 7 Russian\nregions during 2007. The format of each branch will be that of a loan\nsupermarket, a concept that is still new to the Russian market, where the\ncustomer can have his/her credit capacity assessed and choose from the best\ncredit solutions in the market offered by Kreditmart's bank partners and\nfinancial partners.\n\nKreditmart has already approved its first customers for financing and is\nbuilding a pipeline of additional customers seeking mortgage and consumer\nfinance.\n\nNikolay Korchagin, Kreditmart's General Director, commented on the opening:\n'We are bringing the one-stop loan supermarket concept to the Russian market,\nwhereby our customers can have all of their financing solutions and insurance\nproducts tailored to their needs in one place. This is a concept that is\nrevolutionary for the Russian market and we believe it will provide an excellent\ncompetitive advantage.'\n\nJames Cook, a Director of Aurora Russia, said:\n'Kreditmart has reached its first milestone - operations roll-out. It has a\nstrong and experienced team with solid experience of implementing revolutionary\nconcepts and now has the required infrastructure in place to begin its branch\nroll-out. The Russian mortgage market is set to double in 2007 and, according to\nresearch by Alfa Bank, will reach at least $17 billion by the end of the year.\nWe are well-positioned through Kreditmart to tap into this growth.'\n\nKreditmart now employs 38 people who have joined the co...