"Svyaznoy" stopped trading on credit due to the break in relations with the "Russian Standard"

Since 2005, Russian Standard has been the only partner of Svyaznoy. However, in late August, the bank reduced the number of loans issued to Svyaznoy customers from 60 percent to 10 percent. On September 20, the Russian Standard notified Svyaznoy of the termination of the contract, and already on October 26, cooperation between the bank and the retailer ceased. Now "Russian Standard" works with all the largest sellers of cell phones.



The publication writes that changes in the lending strategy of "Russian Standard" occurred after the summer prosecutor's office checks on its activities. The bank refused to retail products with additional fees, which previously compensated for the high risk of defaults on express loans. The example of “Russian Standard” was followed by other banks, which now concentrate on less profitable and less risky loans.



According to forecasts of market participants, the volume of phone sales on credit in Russia in 2007 will be more than two billion dollars, with a total market volume of seven billion dollars. Svyaznoy claims that they have already found new partners and are preparing to restore trade on credit within a month and a half.

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Earlier, the Bank of Russia reported that in the third quarter of 2007, the share of retail loans in total lending to Russian banks decreased for the first time in several years.



I wonder what they will do with advertising in which the emphasis was placed on lending "Buy a phone without money."