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Magnit launches the Credit Broker service

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MAGNIT PJSC (MGNT)
04-Jun-2021 / 10:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

 

 

MAGNIT LAUNCHES CREDIT BROKER SERVICE

Krasnodar, Russia (June 4, 2021): Magnit PJSC (MOEX and LSE: MGNT; the Company, Magnit), one of Russia's leading retailers, announces a new stage of development of its own super app.

The Company has launched the Credit Broker online service that allows any user of the chain's mobile app to apply for a credit card and receive a quick response from partner banks connected to the service. Magnit has become the first retailer in Russia to introduce this solution.

The Credit Broker is available to all Magnit mobile app users. To apply for a credit card, a user simply needs to go to the Magnit Pay tab and fill out the form which will be sent for consideration directly to the partner banks connected to the Broker. Once the application has been reviewed, the user will receive an e-mail with the banks' decision and - in case of approval - the proposed terms. Following the selection and confirmation of the proposal of interest by the user, the bank representatives will call the user to offer options for obtaining a card through their available channels (including home delivery, or the user might be offered to visit a branch office of the bank, or the chain outlet).

«

Jan Dunning

President, CEO of Magnit Retail Chain

»

 

 

 

"We continue to develop a customer-centric ecosystem of complimentary services. Today we have launched the credit broker service in our app. It will allow users to receive credit offers from banks in a convenient and fast way. We hope that the new service - coupled with Magnit Pay that was launched earlier - will contribute to higher customer loyalty towards Magnit brand"

 

In December 2020, Magnit announced development of its super app, which uses the existing loyalty program to bring together online ordering, payment and credit solutions, lifestyle and other non-financial customer services, as well as perks from its partners.

As the first stage in creating the super app, the Company launched Magnit Pay payment service, developed in partnership with VTB group. As of today, over 227,000 customers of Magnit have become active users who have added Magnit Pay to NFC payment services (Apple Pay, Google Pay, etc.). Around 45% of Magnit Pay members use the solution for making purchases outside of Magnit's ecosystem. The total number of issued Magnit Pay virtual payment cards exceeds 4,5 million.

This spring the Company became the first retailer in Russia to add mobile, Internet and TV payment services, as well as a feature enabling to top up transport cards, to its loyalty program application. All these payments are accepted commission-free. Later, Magnit launched a solution that enabled Magnit Pay cardholders to pay for their purchases using the same QR code as used in the loyalty program. In the near future Magnit intends to incorporate new options into the application, including services to pay utilities, fines, taxes, etc.

 

For further information please contact

Hudson Sandler

Magnit@hudsonsandler.com

020 7796 4133

 

Twitter

@MagnitIR

 

Note to editors

 

Public Joint Stock Company "Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of March 31, 2021, Magnit operated 39 distribution centers and 21,900 stores (15,098 convenience, 471 supermarkets and 6,331 drogerie stores) in 3,770 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS 16 results for FY 2020, Magnit had revenues of RUB 1,553.8 billion and an EBITDA of RUB 178.2 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB.

 

Forward-looking statements

 

This document contains or may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected sales growth rate and/or store openings are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Magnit as of the date of the statement. All written or oral forward-looking statements attributable to Magnit are qualified by this caution. Magnit does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.

 

 


ISIN:

US55953Q2021

Category Code:

MSCU

TIDM:

MGNT

LEI Code:

2534009KKPTVL99W2Y12

OAM Categories:

3.1. Additional regulated information required to be disclosed under the laws of a Member State

Sequence No.:

109206

EQS News ID:

1204224


 

End of Announcement

EQS News Service

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