INTERFAX. Russian Mortgage Bank, a subsidiary bank of Sobinbank, has performed securitization of its mortgage loan portfolio for $140 mln. Credit Suisse acted as arranger for the deal. The transaction was also secured by Сiti, as a fund manager and an international account bank, Deutsche Bank as an administrative service agent and depositary company Region that stores and keeps records of mortgages at the request of the buyer. The securitized portfolio consists of over 1,700 mortgage loans.
Initial creditors are Russian Mortgage Bank and Sobinbank (70% and 30% of the portfolio, respectively). During the deal Russian Mortgage Bank preliminarily bought from Sobinbank a relevant portion of the loans for their subsequent sale to the balance sheet of a special-purpose vehicle on its behalf.
Russian Mortgage Bank is wholly owned by Sobinbank. In Q108, Russian Mortgage Bank ranked 233rd in terms of assets in the Interfax-100 ranking, prepared by Interfax-CEA, while Sobinbank was in 37th place.
