Sberbank : Sber escrow accounts surpass 1 trillion rubles

The number of escrow accounts opened with Sber for real estate transactions in the framework of the new mechanism for shared-equity construction has surpassed 300,000, with total funds exceeding RUB 1 tn. More than 122,000 accounts amounting to over RUB 550 bn were opened in the first five months of 2021.

Sber was the first in Russia to start working in the framework of the new mechanism for shared-equity construction of residential property. The first escrow account was opened in 2018. Currently, escrow accounts at Sber hold RUB 1 tn. We have transferred over RUB 205 bn to developers. This means that over 75,000 clients have received their apartments.

We are continuing to improve our remote services for real estate transactions and are constantly expanding the number of transactions accessible online. Most importantly, we can see how positively clients are reacting to the new service format. Today, 95% of escrow account contracts are signed electronically, because of how quick, convenient, and secure the process is.

Evgeny Kravchenko

Head of Trade Finance, Sberbank

Sber, the largest escrow agent in Russia, provides services that enable clients to interact with the bank and open escrow accounts online.

Clients are able to conduct the following operations online:

• open escrow accounts and deposit funds (developers need only create and electronically sign an escrow account contract in the SberBusiness app or transmit it via Sber API. The individual shareholder then clicks on the link in the SMS and signs the contract in the SberBank Online app. In order to open an account for corporate depositor, the contractor and shareholder sign an agreement in the SberBusiness app
• create an account statement (in the Account Statements section in SberBank Online)
• create a letter of credit in SberBank Online for future deposits on the developer's escrow or settlement account.