VTB 24 might announce securitization of car loan portfolio in Q1
MOSCOW. Jan 19 (Interfax) - VTB 24 is in negotiations with a western player for securitization of its car loan portfolio and might announce this transaction in the first quarter of this year, the bank's CEO and president Mikhail Zadornov said at briefing on Thursday.
"We are preparing the transaction and raising funding from a western player for the non-home loan portfolio. We might make an announcement if it goes through successfully," Zadornov said, later confirming that this concerns VTB 24's car loans.
VTB 24's car loan portfolio increased from 51.7 billion rubles to 71.1 billion rubles in 2011.
Zadornov did not specify the size of the transaction, saying that all details would be announced once an agreement is reached. He added that securitization generally would mean over $300 million.
He added that VTB 24 is also looking at securitization this year of its portfolio of home loans allocated under a Vnesheconombank program (maximum rate at 11%), as well as home loans acquired from KIT-Finance Bank.
