ICICI to sell retail loan products in Russia

ICICI Bank is in talks with the the Moscow Bank for Reconstruction and Development, (MBRD) to sell its mortgage products in Russia.

MBRD has 166 branches in 34 regions in Russia. Its retail loan portfolio is of $800 million with total assets of $3 billion as on January 2008.

ICICI Bank has a subsidiary in Russia called ICICI Bank Eurasia LLC, having a very small branch network.

The tie-up with ICICI Bank will be on revenue-sharing basis. Mortgage products designed by ICICI will be sold by MBRD. The mortgage portfolio will be bought by ICICI Bank for a fee from MBRD.

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