FAS Approves Sberbank - BNP Paribas Deal

Subscribe
Russia’s Federal Antimonopoly Service on Tuesday approved a deal between Sberbank, the leading Russian bank, and Cetelem, the consumer lending division of the BNP Paribas Group, to set up a joint venture.

Russia’s Federal Antimonopoly Service on Tuesday approved a deal between Sberbank, the leading Russian bank, and Cetelem, the consumer lending division of the BNP Paribas Group, to set up a joint venture.

Under the terms of the December 2011 deal, Sberbank will have a 70 percent stake in the joint venture, with the remaining 30 percent stake owned by BNP Paribas Personal Finance France, which owns the Cetelem brand.

The joint venture is planned to operate in Russia under the retail banking license of BNP Paribas in Russia, Vostok.

The French bank announced last year that it would end its independent retail activity in Russia.

 

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала