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Launch
Launch.
About this update from Aurrigo International Plc
[{"type":"text","content":"\n Aurora Russia Limited\n12 September 2006\n\n12 September 2006: embargoed for 7.00am\n\n\n\n Aurora Russia Limited to invest £12.5 million to launch Kreditmart\n\n\n\n\n\nAurora Russia Limited (the 'Company' or 'Aurora Russia'), the AIM-quoted\ninvestment vehicle established to make equity or equity-related investments in\nsmall and mid-sized private companies in Russia, announces that it will invest\n£12.5 million to launch Kreditmart, a mortgage and consumer finance brokerage.\nFollowing completion of the deal, Aurora Russia will own 100% of Kreditmart,\nhowever 15% of the company's shares will be reserved for an employee stock\noption plan. Kreditmart is expected to roll-out 10 loan shops covering seven\nregions in Russia by the end of 2007 as well as building a book of mortgage\nassets.\n\n\n\nKreditmart will be a mortgage and consumer finance company that acts as a broker\ndistributing financial services products in Russia through a network of loan\nshops, internet, bank partners and real estate agents. Aurora Russia has put\ntogether a management team with a track record for building similar operations\nin the mortgage and consumer finance sectors, including extensive experience\nfrom DeltaCredit and GE DeltaBank.\n\n\n\nJames Cook, Director of Aurora Russia Limited and the former Chairman and CEO of\nGE Consumer Finance in Russia, will serve as Chairman. Cook's previous track\nrecord includes the successful launch and roll-out of both DeltaCredit (sold to\nSociete Generale in 2005) and DeltaBank (sold to GE Consumer Finance in 2004).\nDeltaCredit was the pioneer in residential mortgage lending in Russia and is one\nof the leading banks for mortgage origination in Russia and GE DeltaBank is the\nleading provider of VISA credit cards in Russia.\n\n\n\nKreditmart's management includes Nicholay Korchagin, formerly of GE Consumer\nFinance (DeltaBank) and DeltaCredit where over the past six years he led the\ndevelopment and roll-out of their mortgage product lines. Korchagin has assumed\nthe post of General Director of Kreditmart. Also joining the team will be\nsenior management personnel from GE Consumer Finance (DeltaBank) and\nDeltaCredit.\n\n\n\nAbout Kreditmart\n\n\n\nKreditmart will be a state of the art broker that will provide consumers with a\none stop shop for financial services products including residential mort...