VTB, a major Russian state-owned bank, intends to launch a marketplace to sell such non-standard assets as seized apartments and cars from insolvent debtors, as reported by Russian business daily RBC.
The marketplace will provide a wide range of services related to the purchase, registration, moving, repairs, and upkeeping of the purchased properties purchased.
Scheduled for launch in 2020, the platform will be open to the bank’s own clients as well as other buyers. VTB’s clients will be able to apply for online loans from VTB and other lenders.
However, VTB will not allow other banks to sell their problematic assets through its marketplace.
“We have a pretty big amount of mortgage and car finance and we seize both cars and real property from our debtors. We are launching this marketplace to sell such assets more efficiently,” said VTB deputy chairman of the board Anatoliy Pechatnikov.
Currently, VTB offers its problematic assets for sale through its special website, which allows the visitors to view the assets on offer, calculate finance options, and view respective contacts. The new marketplace will replace the current website.
In 2018, VTB sold such assets to the tune of 5 billion rubles (nearly $79 million at the current exchange rate.) The bank hopes it will be able to double the revenues once the marketplace is launched, with the value of assets offered online increased fivefold.
