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RBC acquires blocking stake in FOSBOURNE HOME
RBC, 18.04.2006, Moscow 11:46:13.RBC has reached an agreement with the FOSBOURNE HOME company, the first professional mortgage broker in Russia, to buy a blocking stake of 26% in FOSBOURNE HOME for $1.56 million. The companies agreed to carry out legal and auditing due diligence for FOSBOURNE HOME to complete the deal within a month. FOSBOURNE HOME plans to provide brokerage services for $240 million worth of loans in 2006, $700 million in 2007 and 2.05 billion in 2008. In three years, the company hopes to be the leading broker on the Russian mortgage and remortgage market. To achieve this goal, FOSBOURNE HOME is consistently promoting new loan products. In the last two months alone, it has offered such new mortgage programs as "Real Estate for Loyal Manager," "Mortgage Without Down-Payment," and "Gift for Newlyweds." "Our company has set itself the goal of making the mortgage market more progressive and affordable for various social groups of the population, which is in line with the objectives of the "Affordable and Comfortable Housing for Russian Citizens" national project. Naturally, this involves the use of effective promotion methods, that is why we have chosen RBC, a number one company on Russia's business information market, as our partner," said Yevgeny Bernshtam, Chairman of the Board of Directors of FOSBOURNE HOME. "In the West, most mortgage operations are made through mortgage brokers. In Russia, this is a new but very promising and fast-growing business. We will be happy to offer our target audience and clients a high quality product in the area of mortgage support," RBC General Director Yury Rovensky said.
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