Russia's DeltaCredit Bank, on target to be wholly acquired by Societe Generale, is eyeing the securitization market. "[We] do have plans to securitize mortgages in the future," said CFO Serge Ozerov. He added that the bank has "concrete plans for a covered bond issue," to be placed domestically.
Specializing in mortgages, the bank expects to originate over $100 million in loans this year. DeltaCredit had total assets of $149 million at June 30, according to a report by Moody's Investors Service. The bank's menu of mortgages ranges from fixed to variable rates in dollars and rubles for terms of up to 25 years, Ozerov said. Individual loans are capped at $300,0000. The bank's share of the mortgage market is roughly 10%, according to Moody's.