Sberbank to buy 20.8% of Cetelem bank shares from BNP Paribas, to become lender's sole owner
MOSCOW. Oct 15 (Interfax) - Sberbank and BNP Paribas Personal Finance have signed an agreement on the acquisition by Sberbank of 20.8% of Cetelem bank shares from Leval 20 S.A.S., a BNS Paribas Personal Finance subsidiary, Sberbank said in a statement.
Following the deal, Sberbank will become the sole shareholder of Cetelem bank. Sberbank first became a shareholder in 2012.
"The agreement on the joint venture also gave Sberbank the possibility to acquire the stake of BNP Paribas Personal Finance and consolidate 100% of participation in Cetelem bank at a certain stage of the development of the business. This possibility is being used by Sber today," the statement said.