AvtoVAZ renamed the acquired RN Bank into Avto Finance Bank
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AvtoVAZ elected a new board of directors, terminating the powers of the former ahead of schedule. Information about who entered it is not specified.
“AvtoVAZ” bought the bank from the BARN BV holding, in which the Renault-Nissan alliance owned 60%, and the rest belonged to Unicredit Bank, a subsidiary of the Italian group UniCredit. Permission to purchase RN Bank of a Russian company was issued by President Vladimir Putin in November 2022. The decision was made after Renault and Nissan announced they were leaving Russia and intending to transfer their assets to the Russian Federal State Unitary Enterprise NAMI. The deal was closed at the end of June this year. As a result, “AvtoVAZ» received 100% of the shares of the credit institution.
RN Bank specializes in issuing car loans and financing car dealers. On February 1, 2023, the Analytical Credit Rating Agency (ACRA) determined the bank’s credit rating at ‘АА(RU)’, with a ‘Developing’ outlook.
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