Gref said development lending in Russia

© RIA Novosti / Grigory to Sysoeva in fotoreceptor of the Board of Sberbank of Russia German Gref. Archival photoGref said development lending in Russia© RIA Novosti / Grigory to Sysoeva the image Bank

The main driver of growth of the lending portfolio in Russia up to 2020 will be retail lending — mortgage and credit cards; lending to the corporate sector will grow by 6% a year, follows from the words of the head of Sberbank German Gref at the Bottom of the investor.

«We see that very quickly will develop in the first place, its retail segment will be a key driver. Two products that we believe will be key — mortgage and credit cards», — he said.

«Not likely below 6%, will contribute to the growth of lending to the corporate sector,» added Gref.

According to the Sberbank’s development strategy until 2020, the compound annual growth rate of credit portfolio in Russia is 7%. «While retail lending will outpace the rate of growth of corporate. The average annual growth will be about 11%,» — said in the document.

Sberbank predicts high growth of mortgage lending in the next three years. «The average annual growth rate of mortgage lending will be higher than 12% on the background of the return of rates to pre-crisis levels. Given the securitization of loans through the Agency for housing mortgage lending growth mortgage will be 16-17% per year», — stated in the strategy.