Sberbank, Russia’s largest lender by assets,
and BNP Paribas’ consumer finance subsidiary Cetelem have completed
the launch of their joint POS (Point of Sale) finance bank in
Russia.
The transaction has received all necessary
approvals from Russian and foreign regulatory authorities.
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Following the closing of the transaction on 31
August 2012, BNP Paribas Vostok will operate under the Cetelem
brand. Sberbank has a 70% stake in the bank with the remaining 30%
stake being owned by BNP Paribas Personal Finance France, which
owns the Cetelem brand.
The joint bank aims to provide “simple and
transparent products with reasonable interest rates which will also
benefit the successful growth of the Russian POS market”.
Denis Bugrov, senior vice president of
Sberbank said: “Establishing the joint bank with Cetelem is the
optimal way for Sberbank to gain a presence in the POS finance
market.
Deputy CEO of BNP Paribas Personal Finance,
Alain Van Groenendael, said this venture “consolidates the presence
and the business” of BNP Paribas Group in Russia “on the long
term”.
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By GlobalData“Our joint bank is now in a position to build
more agreements with retailers and expand its ability to finance
Russian raising consumption,” Groenendael added.
The joint bank will be headed by former
advisor to president and chairman of the board of Sberbank, Andrey
Lykov.
