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Halyna Zhukova, Board Member of PJSC “CREDIT AGRICOLE BANK”, about future development of car lending market

05 August 2013

Currently two thirds of the car lending market is divided between four banks. And Credit Agricole Bank, one of 20 largest financial institutions, is among them. It is one of those financial entities that shape products and dictate terms in the car lending market. Halyna Zhukova, Board Member of Credit Agricole Bank in charge of retail business and network, tells of car lending market development and expected changes in the loan rates. .

Halyna Zhukova, Board Member of Credit Agricole Bank in charge of retail business and network.

- How has car lending market changed in 2013 compared to the previous year? How have declining car sales and introduction of a custom duty on cars affected the bank’s business?

- The share of credit sales is similar to the previous year. It makes 15-25% depending on the brand, while the average market indicator is 18%. Introduction of custom duties on cars has not had any significant effect on the dynamics of our bank’s portfolio as competitiveness of our lending terms was one of the highest in the market. This was also facilitated by joint programs with our importer partners.

 - Financing of what car makes shows the quickest growth? 

- The best dynamics is observed in the segment of foreign cars costing 105-170 KUAH.

- What car makes are most often bought with credit? 

- We are working with the largest importers: Renault Ukraine, Nissan Motors Ukraine, Toyota Ukraine, Peugeot Citroen Ukraine, Subaru Ukraine, Autotorino. In car lending portfolio six brands - Renault, Nissan, Peugeot, Citroen, Toyota, Lexus – take about 70%. But the share of the other car makes also grows dynamically. In each case, loan products are in line with the peculiarities of the importer.

- If we talk about cars costing over 50 KUSD, what is their share in the bank’s portfolio? 

- These customers make about 5-8% in our portfolio. As a rule, owners of cars costing over 50 KUSD can always officially confirm their solvency, make large down payment and show credit history. These are mainly owners of private business or large private entrepreneurs, hired top managers and medium level managers.

- Will car lending market change by the end of this year? What factors will be shaping its development? 

- Car lending market correlates with the sales of new cars, which depend on consumer demand and external factors. If according to expert forecasts, the purchasing power could ensure growth in 2013, now, unfortunately, due to external factors, the market has changed its development trends. It translates into decline in sales due to a range of legislative initiatives introduced during the first quarter of the current year.

- How does the cost of resources and rates on car loans change?

- The level of credit rates depends on the level of deposit rates and, respectively, on banking system liquidity. Unfortunately, rates on deposits go down very slowly this year. And growth of deposit rates during autumn months has already become a tradition. So it is quite possible that the scenario will repeat itself this year as well. .

Interview for "Capital" magazine

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