Consecutive reduction of the key rate by the regulator from 10% to 7.5% over the past few years has led to a natural revival of the banking market. One of the growth drivers has become mortgage refinancing. According to the forecasts of market participants, refinancing will continue to gain momentum in 2018, reshaping the bank portfolio of clients. Urals bankers anchor their special hopes on refinancing loans of legal entities.
Mid-2017 was a successful start for the mortgage refinancing growth and, as a result, the redistribution of customers between banks.
"At the heart of the development of loan refinancing in our country lies the inequality in the availability of cheap public funds, as well as the money of state corporations. At present, there is nothing to say about the change in the situation, so that the largest banks will continue to solicit best clients from other banks, offering them a cheaper product. Clients always go to where the rate is lower, and usually they change a smaller bank for a bigger one," Maxim Maramygin, chair of the Department of Financial Markets and Banking at Ural State University of Economics, says. In his opinion, the Central Bank may launch a campaign to force banks to voluntarily cut their rates on loan products (primarily on "anchor" ones – mortgages), realizing that redistribution of customers may weaken large banks.