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Sberbank: Sberbank and BNP Paribas Personal Finance have agreed to expand the activity of their joint venture after its good performances in the Russian car financing market
Sberbank / Key word(s): Miscellaneous/Miscellaneous
18.07.2013 13:31
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July 18, 2013, Moscow - Sberbank has strengthened its strategic positions
in the car loan market by transferring its car loan business, generated
through partnerships with car manufacturers and car dealers, to Cetelem
Bank.
Cetelem Bank is a joint point-of-sale finance bank of Sberbank and BNP
Paribas Personal Finance, the consumer lending division of the BNP Paribas
Group. The bank is operating in the Russian consumer and car loan market
and specializes in point-of-sale lending - retail stores and auto dealers.
The transfer is a part of a large-scale internal reorganization within
Sberbank Group. Sberbank will continue issuing car personal loans at its
branches and the car loan partnership programs with car manufacturers and
car dealers will be transferred from Sberbank to Cetelem Bank. This
specialization is part of the bank's retail strategy and will allow
Sberbank Group to upgrade its presence in the car loan market, an important
market for Sberbank.
Cetelem Bank is the best vehicle for Sberbank's ambitious growth plans. It
specializes in point-of-sale lending and successfully combines experience
in the Russian market with the innovative technologies of BNP Paribas
Personal Finance. For its first ten months of operation, the joint bank
showed solid results: it more than doubled its POS outstanding and
multiplied almost by 4 its personal car loan outstanding. In accordance
with the terms of the transaction, Sberbank will increase its stake in
Cetelem Bank in 2013 from 70% up to 74% leaving the governance unchanged.
After three years, Sberbank has an option to increase its stake in the
Cetelem Bank up to 80%.
The switch from Sberbank to Cetelem Bank will be done by the end of this
year and executed smoothly in order to respect the partners' and clients'
interests. The car loan partnership programs transferred to the Cetelem
Bank platform will increase Sberbank Group's share in the car loan market.
All partners and clients will receive guaranteed quality services from
Cetelem Bank.
Denis Bugrov, Member of the Board, Senior Vice President, Sberbank: 'The
current market share of Sberbank Group in the car loan market is about
13.9%. We plan that with the transfers of the car loan partnership programs
to Cetelem Bank, Sberbank will increase this figure considerably. The
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