Russian VTB Bank launches online car marketplace

Russian VTB Bank launches online car marketplace

Traffic on St Petersburg's Nevsky Prospekt. / Satbir Singh London

By bne IntelliNews February 4, 2020

Russia’s second-largest bank VTB Bank has launched an online car marketplace in partnership with ILSA, an aggregator of 871 official dealers in 71 Russian cities.

Customers are able to book a car from ILSA and apply online for a loan, but still would still need to come to a VTB branch or a car showroom. But VTB plans to make the whole service purely online.

BCS Global Markets comments that other banks are also interested in such a service, with Sberbank and TCS Group aiming to launch a marketplace for new and used cars this year. Sovcombank (Russia’s 13th largest bank) already operates a similar marketplace.

"The new service may save some costs, decreasing the bank’s physical presence at dealerships, albeit we expect no significant impact in the short term," BCS GM commented, seeing the news as neutral for VTB.

As reported by bne IntelliNews, in 2019 VTB said it aimed to bridge the digital development gap with Sberbank, Russia's largest bank and tech giant wannabe are aiming to unite all services under Sber's branded ecosystem. VTB also said it intended to launch an open "super app" IT platform to unite financial and consumer services in 3Q20, planning to invest RUB2.5bn ($40mn).

Read in IntelliNews Pro

Get IntelliNews Pro

Related Content

Turkey releases official October inflation at 49% y/y

Akbank launches autumn syndicated loan renewals season for Turkish banks at better cost and longer maturities

Turkey’s overworked ATMs bust under weight of “worthless” lira banknotes

Turkey releases official October inflation at 49% y/y

Akbank launches autumn syndicated loan renewals season for Turkish banks at better cost and longer maturities

Turkey’s overworked ATMs bust under weight of “worthless” lira banknotes

Tech

Romanian online retailer eMAG to expand into Moldova in 2025 or 2026

eMAG outlines expansion plans shortly after referendum and presidential election confirm Moldova is on EU accession path.

OCSiAI opens cutting-edge graphene nanotube facility in Serbia

Plant to be the only site globally dedicated solely to industrial-scale graphene nanotube production, supplying industries worldwide.

German Dataciders acquires Bulgarian IT services provider ROITI

Takeover of Bulgarian data and AI consultant to strengthen Dataciders' customer base in the energy and utilities market.

Iran bans import and sale of Motorola mobile phones

Iran has banned the import and sale of Motorola phones, citing security concerns related to recent incidents involving Motorola pagers in Lebanon.

Estonian Bolt CEO calls remote work 'insanity'

Company will implement a hybrid work policy starting January 1, requiring staff to work in-office 12 days per month.

Romanian online retailer eMAG to expand into Moldova in 2025 or 2026

OCSiAI opens cutting-edge graphene nanotube facility in Serbia

German Dataciders acquires Bulgarian IT services provider ROITI

Iran bans import and sale of Motorola mobile phones

Estonian Bolt CEO calls remote work 'insanity'

Dismiss

Chat with usLiveChat