Russia’s Sberbank and BNP Paribas Personal Finance have entered into an agreement under which Sber will acquire 20.8% stake in Cetelem Bank from Leval 20 S.A.S., a BNP Paribas Personal Finance subsidiary, and become Cetelem’s sole shareholder.
In 2012 Sberbank acquired a stake in Cetelem Bank, having decided to join forces with the BNP Paribas Personal Finance group and aiming to gain a leadership position in the Russian consumer lending market. The joint venture combined resources and expertise from BNP Paribas Personal Finance and Sber, which allowed to build up the strongest player on the market. The JV agreement also envisaged an option for Sber to buy out the BNP Paribas PF’s stake and consolidate 100% participatory interest in Cetelem Bank, the opportunity is has now implemented.
Currently, Cetelem Bank is the leader in the Russian car loans market in both a portfolio size and sales volumes, providing consumer loans in cooperation with major auto manufacturers and their partners in 75 regions of Russia. The company intends to further expand its portfolio pro-actively. The deal will enable Cetelem Bank to employ Sber’s technologies and services to the maximum extent possible and offer new products to its clients.