Frank Media: Renault to sell leasing subsidiary to AvtoVAZ
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The French RCI Banque, a subsidiary of Renault, on October 11, 2022, agreed to sell its leasing company in Russia to RNL Leasing, follows from the financial statements of the credit institution (.pdf). Two sources familiar with the leasing market Frank Media announced that the buyer will be AvtoVAZ.
RNL Leasing has been reclassified as an asset held for sale in RCI Banque’s financial statements. The leasing company can be sold at a price of up to €22 million. Permission from the Russian authorities is expected to complete the transaction, follows from the document.
According to Russian law, permission to sell Russian subsidiaries to foreign companies must be issued by the government commission for the control of foreign investment.
RNL Leasing started operating in Russia in 2006. However, in March 2022, the automaker Renault announced the suspension of operations in Russia. The company transferred its Russian assets 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.
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