Alfa-Bank announces the opening of three mortgage-lending centers in Moscow, St. Petersburg and Nizhny Novgorod and the launch of an advertising campaign in national and regional mass media. These centers are full-fledged offices where Alfa-Bank’s customers may receive consultation, obtain housing loans, finalize deals, pay initial installments, etc. The whole process of lending takes place in a single location. The centers are located downtown and offer comfortable customer areas, meeting rooms, cash desks, and depositories equipped in accordance with the highest standards.

In just one year’s time Alfa-Bank has created and launched its mortgage-lending program from scratch. Alfa-Bank, known in Russia as a universal «financial supermarket», now offers an entire range of credit products distinguished by their beneficial advantages for individual customers. The application review time is 3-5 business days upon receipt of a full package of documents. A customer is not required to show his/her residence registration, i. e. non-residents of the Russian Federation may also obtain mortgage loans. Another clear advantage of the products offered by Alfa-Bank is the extended number of loan repayment channels: loan payments can be made at any of the Bank’s offices throughout the country, irrespective of the city where the loan was originally extended to the customer.

Today, Alfa-Bank offers mortgage loans denominated in rubles and US dollars to buy apartments and cottages in the secondary housing market. Alfa-Bank’s programs are affordable to buy lodging in Moscow, Moscow region, St. Petersburg, Leningrad region and Nizhny Novgorod. Alfa-Bank plans to open three more full-fledged centers for mortgage-lending in the regions in 2006 and offer mortgage loans in all cities with more than 1 million residents within the next year.

Alfa-Bank’s experts are working on new types of mortgage loans, improving customer service, increasing the number of partners, enlarging the geographical market, and responding promptly to all changes and developments taking place in the market. In addition, before the end of 2006 the Bank plans to offer loan products to buy apartments in new buildings under construction — a segment that our experts believe will see high demand in the mortgage-lending market — as well as loan products collateralized by existing real estate.