By Andrei Skvarsky.
Sberbank, Russia’s biggest lender, has enlarged to 74% from 70% its stake in Cetelem Bank, its Russian retail joint venture with BNP Paribas.
The increase marks the closure of a deal between Sberbank and BNP Paribas Personal Finance, the French bank’s retail unit, announced in July.
Sberbank is currently transferring its car loan business to Cetelem under the terms of the deal, which also give it an option to bring its stake in the venture to 80% in three years’ time if the Russian lender is satisfied with the Russian-French firm’s performance, Sberbank said in a statement.
According to the statement, Sberbank is pleased with the car loan record of Cetelem, which is meanwhile developing its own car loan business.
Sberbank acquired Cetelem at a time in 2011 when major foreign banks were pulling out of Russia and Sberbank itself slashed its network of retail branches.
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