AvtoVAZ opened = its own bank on the basis of RN-Bank bought from Renault-Nissan – Kommersant

AvtoVAZ announced the launch of a specialized car bank – Auto Finance Bank JSC. It was created on the basis of RN-Bank, which AvtoVAZ acquired from the Renault-Nissan-Mitsubishi alliance, said press office Russian company.

AvtoVAZ said that “Auto Finance Bank” will continue, as RN-Bank, to provide loans for the purchase of cars, factoring services for major automakers. The bank plans to develop and increase the volume of corporate business, including by financing component suppliers, as well as provide new services to private clients, the press service said.

It is noted that Auto Finance Bank ranks 51st among Russian banks in terms of equity and first in 2023 in terms of issuing loans for the purchase of new cars under the Lada Finance program. The press service claims that the bank is the third in terms of factoring financing. In the rating of the Analytical Credit Rating Agency, the bank has been assigned an AA rating, with a Stable outlook, AvtoVAZ noted.

AvtoVAZ closed the deal on the acquisition of RN-Bank on June 21. The bank was purchased from the BARN BV holding, through which the partners owned shares in RN-Bank. 30% belonged to RCI Banque SA (“daughter” of Renault SA), 30% to the Japanese Nissan Motor Co, 40% to Unicredit Bank (“daughter” of the Italian group UniCredit).

Renault transferred its assets in Russia to state ownership. 68% of AvtoVAZ shares were transferred to FSUE NAMI, subordinated to the Ministry of Industry and Trade, the group’s plant in Moscow was transferred to the capital’s government. On November 24, 2022, FSUE NAMI bought out all Nissan assets in Russia, including an enterprise in St. Petersburg.

Erdni Kagaltynov