repairs and development in the Russian Federation.
As part of the housing code operators perform on a regional basis and residents within those regions contribute means of capital to fund repairs to homes. These operators must use the tender process in order to determine which bank they will use.
"Working with housing and utility sector companies is one of the bank’s social priorities," said Mikhail Oseevsky, deputy president and chairman of VTB's management board. "We have been doing this for years, and are glad that we can put our experience to good use in this new project, which is sure to succeed. Property owners can feel certain that their houses will be repaired, and will be able to monitor the process."
The bank stated that it was their offer of fair market rates and free business accounts allowed it to win over many regional operators.