22 Sep 2023 15:56

Igor Kim could buy leasing firm of another automaker that has exited Russia - source

MOSCOW. Sept 22 (Interfax) - Igor Kim, a businessman who has built up a portfolio of leasing and manufacturing assets over the year, including the Russian subsidiaries of CNH Industrial and Volvo, is now interested in buying MC Intermark Auto (LLC MCIA), a Russian leasing firm associated with Mitsubishi, a market source told Interfax.

The source said Kim's ExpoCapital (LLC ExpoCap) fund might buy Mitsubishi's leasing subsidiary. The fund in February acquired LLC IFS Leasing, the leasing and factoring company of farm machinery manufacturer CNH Industrial which use to be known as LLC Industrial Financial Services Russia, and LLC IFS Capital, formerly LLC CNH Industrial Capital Russia.

Kim also gained control in the Russian subsidiaries of Swedish truck and special equipment manufacturer Volvo in early autumn. Kim and entities controlled by him received direct ownership of LLC Stokov Construction, formerly LLC Volvo Construction Equipment Vostok, LLC Stokov Financial Services, formerly LLC Volvo Finance Service Vostok and LLC Stokov Finance, formerly Volvo Finance Vostok, controlled by this company. The Volvo Trucks plant in Kaluga, JSC Stokov Machinery Equipment, formerly JSC(N) Volvo Vostok, and LLC Stokov Components, which is controlled by it, was headed at the start of autumn by Alexei Sannikov, Kim's business partner in the auto retail industry and first deputy CEO of the businessman's Expobank.

The Russian Industry and Trade Ministry has confirmed the transfer of Volvo's Russian assets to a local investor. "The Industry and Trade Ministry, together with the new owner, has also identified a local partner to develop production at the concern's Kaluga site, while efforts continue to restart it as soon as possible," the ministry has told Interfax.

MC Intermark Auto, according to its website, was founded in 2004 and at the time was Russia's operating leasing pioneer. The company managed a fleet of more than 2,000 vehicles in 150 towns and cities. MC Intermark Auto became part of Mitsubishi Corporation in 2019.

According to SPARK-Interfax, LLC MCIA's revenue rose 60% in 2022 to 3.6 billion rubles and net profit soared 5.4-fold to 431 million rubles. Its sole owner is the BVI-registered Intermark Leasing.