21 Jun 2023 11:12

Avtovaz closes deal to acquire Russian bank of Renault-Nissan alliance

MOSCOW. June 21 (Interfax) - Avtovaz has closed the deal to acquire a 100% stake in RN Bank from the BARN B.V. holding company, the bank said in a disclosure.

Italy's UniCredit group owns 40% in BARN B.V. through its UniCredit Bank subsidiary, and France's Renault and Japan's Nissan Motor Co. Ltd, respectively, own 30% each. The partners decided at the end of last year to sell 100% of the shares in RN Bank to the Avtovaz group, and the Russian president granted permission for the deal.

RN Bank focuses its business profile on issuing car loans and factoring financing for car dealerships. The bank ranked 56th in the Interfax-100 ranking with assets of 116.2 billion rubles at the end of 2021. The credit institution had own funds of 27 billion rubles at the end of 2021.

Renault and Nissan decided last year to exit the Russian market and transfer their assets to the ownership of the NAMI federal state unitary enterprise because of the situation in Ukraine. UniCredit is also considering exiting the Russian market.