23 Jul '08
Togliatti-based FIA Bank will purchase apartments in new houses with the total area of 1.5 million square meters, the bank has reported.
Experts say the bank is investing $1.7bn of its own and borrowed funds.
FIA Bank’s chairman Anatoly Voloshin said that due to the growing prices on housing, the bank expects to earn up to 50 percent of the amount to be invested.
Voloshin named Samara’s developer Most, Ulyanovsk’s Zapad and Dimitrovgrad’s Investzhilstroi, Ulyanovsk Region, as the bank’s partners.