6 Feb 2023 14:45

Putin allows Avtodom to buy Mercedes subsidiary bank as part of deal to acquire group's assets in Russia

MOSCOW. Feb. 6 (Interfax) - Russian President Vladimir Putin has allowed JSC Avtodom to acquire a 100% stake in Mercedes-Benz Bank Rus from Mercedes-Benz Group AG.

The order was published on the official Internet portal of legal information.

To complete this transaction, no additional permits, consents or documents are required, the order says.

Mercedes officially announced at the end of October that it was leaving Russia and selling its stakes in local subsidiaries to Avtodom, including its official distributor in Russia, Mercedes-Benz Rus, the Mercedes-Benz Manufacturing Rus (MBMR) plant in Moscow Region, leasing company Mercedes-Benz Financial Services Rus, Mercedes-Benz Bank Rus, and auto leasing and factoring firm Mercedes-Benz Capital Rus.

At the end of October, the Russian president approved a list of lending institutions frim which "unfriendly" non-residents could divest stakes only with special permission. There are 45 banks on the list in total.