Svyaznoy stopped trading on credit due to a break in relations with the Russian Standard

    Since 2005, Russian Standard has been the sole partner of Svyaznoy. However, at the end of August, the bank reduced from 60 to 10 percent the number of loans issued to customers of the Svyaznoy network. On September 20, Russian Standard notified Svyaznoy about the termination of the contract, and on October 26, cooperation between the bank and the retailer ceased. Now Russian Standard is working with all the largest sellers of cell phones.

    The publication writes that changes in the lending strategy of the “Russian Standard” occurred after summer inspections of its activities by the Prosecutor General. The bank refused retail products with additional commissions, which previously compensated for the high risk of defaults on express loans. Other Russian banks followed the example of the Russian Standard, which are now concentrating on less profitable and less risky loans.

    According to the forecasts of market participants, the volume of sales of telephones on credit in Russia in 2007 will amount to more than two billion dollars with a total market volume of seven billion dollars. Svyaznoy claims that they have already found new partners and are preparing to restore trade on credit within a month and a half.

    Earlier, the Bank of Russia reported that in the third quarter of 2007, the share of retail loans in total lending to Russian banks decreased for the first time in several years.

    It is interesting what they will do with advertising in which the emphasis was on lending "Buy a phone without money."

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