AvtoVAZ decided to rename RN Bank, which previously belonged to the Renault-Nissan alliance that left Russia. Now the credit institution will be called Auto Finance Bank.
In addition, AvtoVAZ terminated the powers of all current members of the Board of Directors ahead of schedule and elected its new composition, reports Interfax with reference to the bank’s message.
At the end of June, AvtoVAZ closed a deal to acquire a 100% stake in RN Bank from the holding company BARN BV, through which the partners owned this credit institution (40% from UniCredit Bank, 30% each from French Renault and Japanese Nissan Motor).
The partners decided to sell RN Bank to the AvtoVAZ group at the end of last year. Russian President Vladimir Putin gave permission for the deal.
After the start of Russia’s special operation in Ukraine, Renault and Nissan decided to leave the Russian Federation.
RN Bank is focused on issuing car loans and factoring financing for car dealers. As of June 1, the credit institution ranked 70th in terms of assets among Russian banks according to Interfax.
2023-07-21 17:32:00
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