765 views
Banks report growing demand for safe deposit boxes
Russian banks recorded an increase in demand for safe deposit boxes. Against the backdrop of Western sanctions, bank customers were showing big interest in renting cells from February 24 to March 10, market participants report.
Otkritie Bank said the demand for safe boxes has doubled during this period. Ten times more safe boxes were rented at Promsvyazbank, and the number of rented safe boxes in Saint-Petersburg Bank increased by 48% compared to the same period last year. The number of occupied boxes currently exceeds 90%, while the figure had been 30-40% until February 24, Dom.RF Bank noted. Over 50% of safe deposit boxes are occupied in Absolut Bank.
Also, Moscow Credit Bank (MCB) and Zenit Bank reported an increase in demand, but they did not disclose the growth figures.
“Until recently, safe deposit boxes were popular with customers mostly in case of buying real estate. Now we are seeing an increase in demand for safe boxes to store precious metals and other valuables. With the broaden opportunity to buy precious bars and the exemption of their sales from VAT, it is important to ensure their safe storage and continuance of quality. Renting a bank safe box will help to resolve these issues effectively,” said Natalia Tutova, Deputy Chairman of the Management Board, Zenit Bank.