In September, InCredit Group – consumer lending and leasing company – started to operate in the Latvian market. InCredit Group aims to become one of the market leaders in future.
One of the major founders of InCredit Group is Rietumu Bank.
“Rietumu is a corporate bank, and we will pursue our strategy further. At the same time, being located in Latvia, we understand that now there is a market for retail lending and leasing – the local economy is recuperating, consumer loans are in demand again, while their supply in the market is very short. It is the right moment to start-up the business. For this reason we have participated in the establishment of the company specialising in the retail segment. We are determined to open a new era in cooperation with InCredit Group – the era of responsible consumer lending”, says Vadim Alekseyev, Vice President of Rietumu.
“Rietumu is one of the few banks in the country, which has overcome the crisis successfully and owns considerable financial resources at present. Collaboration with Rietumu does not only give us an access to these resources, but also allows providing loans to customers at the best possible conditions and ensures dynamic growth. This year we will focus on the development in the city of Riga, while in 2011 InCredit Group will expand into regions. Our experience proves that we are fully able to become the market leader”, says Alexander Yekimenkov, Chairman of the Board at InCredit Group.
Founders of InCredit Group have extensive management experience in leasing and consumer lending, including establishment and administration of one of the most successful companies at the time – Inserviss, founded in 1995 and sold to Société Générale in 2006.
Success in the consumer lending and leasing business is based not only on financial resources. The business also requires understanding of the local mentality and knowledge of the market. Hence previous experience of InCredit Group management is a great advantage for the company. Furthermore, due to the recent economic slowdown, people are much more cautious and responsible in planning their credit obligations at present.
Starting from September, InCredit Group offers consumer loans for a wide range of goods and services – purchase of furniture, domestic appliances, mobile phones and other goods; payment of tuition fees, for medical services, including dentistry, travel packages and other services. Apart from purpose loans, depending on customers’ creditworthiness, the company will consider issuing unsecured loans that the borrowers can use at their disposal.
Loan amounts range from 50 to 3000 lats, terms – from 3 years depending on the loan amount and payment schedule.
In future the company will also develop traditional leasing services, including car and business equipment leasing – for restaurants, shops, hairdressing saloons, manufactures.
By the end of 2011, InCredit Group is planning to attract around 10-15 thousands of customers, the aggregate loan portfolio to account around LVL 10-12 million.
Loan agreements are concluded in the headquarters of InCredit Group on 130 Kr.Barona Street as well as in the company’s points of sale.
Founders of InCredit Group Ltd are: Rietumu Bank (51%), Chairman of InCredit Group’s Board Alexander Yekimenkov (24.5%) and member of the company’s Board Olga Orlova (24.5%). Equity capital of InCredit Group accounts for LVL 200 thousand. Eleonora Gailisha Mass Media and Public Relations
Phone: +371-67020506
Fax: +371-67020563
E-mail:
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