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Russia's Tinkoff shuts mortgage brokerage platform

TCS Group Holding Plc, which includes JSC Tinkoff Bank, decided to discontinue its Russia-based Tinkoff Mortgage brokerage service to focus on higher-margin business lines.

The group noted in its May 24 filing that the service failed to generate profits in Russia's highly concentrated mortgage market, dominated by several players.

The last day for accepting new mortgage loan applications by Tinkoff Mortgage is May 31, and existing customers will be supported through Aug. 31.

Set up in 2015, Tinkoff Mortgage was Russia's largest mortgage broker, offering a full range of services, including insurance, appraisal and search of apartments, as well as mortgage products from 11 partner banks.

Tinkoff Mortgage used to attract about 60,000 new customers per month, with the value of mortgage loans issued through the platform amounting to over 25 billion Russian rubles annually.

As of May 27, US$1 was equivalent to 64.39 Russian rubles.