Sberbank and Cetelem (BNP Paribas Group) found a joint POS bank

Sberbank and Cetelem (BNP Paribas Group)
found a joint POS bank
September 5, 2012, Moscow – Sberbank, the leading Russian bank, and BNP
Paribas Personal Finance, the consumer lending division of the BNP Paribas
Group and leading provider of consumer loans in France and Europe, announce
the successful finalization of the creation of their joint Russian POS (Point of
Sale) finance bank.
Following the closing of the transaction on 31 August 2012, the joint bank –
BNP Paribas Vostok LLC - will operate under the Cetelem brand. Sberbank has
a 70% stake in the bank with the remaining 30% stake being owned by BNP
Paribas Personal Finance France, which owns the Cetelem brand.
The joint bank is headed by Andrey Lykov, former advisor to President and
Chairman of the Board of Sberbank.
The transaction has received all necessary approvals from Russian and foreign
regulatory authorities.
The joint bank will use a concept of “responsible lending” developed by Cetelem
and supported by Sberbank that looks to provide simple and transparent
products with reasonable interest rates which will also benefit the successful
growth of the Russian POS market.
“Establishing the joint bank with Cetelem is the optimal way for Sberbank to
gain a presence in the POS finance market,” said Denis Bugrov, Senior Vice
Ppresident of Sberbank. “As of today Cetelem occupies a good position in the
POS finance market with a 4.5% share, and the newly launched bank will allow
us to initiate a strong development programme which will enable us to take up a
leading position in the Russian POS market.”
Alain Van Groenendael, Deputy CEO of BNP Paribas Personal Finance has
also commented: “This major agreement on the fast-growing Russian market
confirms the partnership capabilities of BNP Paribas Personal Finance. This
joint venture with Russian n°1 banking actor consolidates the presence and the
business of our group in this country on the long term. Our joint bank is now in a
position to build more agreements with retailers and expand its ability to finance
Russian raising consumption.”
About BNP Paribas Personal Finance
BNP Paribas Personal Finance is, within the BNP Paribas Group, the specialist
in personal loans via its activities in consumer credit and mortgage lending.
With more than 20,000 employees throughout 25 countries over 4 continents,
BNP Paribas Personal Finance is the leader in France and in Europe.
BNP Paribas Personal Finance is capable of offering, through its brands,
Cetelem, Findomestic, AlphaCredit, a full range of personal credit products via
points of sale and car dealerships and direct-to-customers, via its customer
relations centres and Internet.
In addition to this, BNP Paribas Personal Finance has developed its partnership
activity, turning it into a business line in its own right, based on its know how in
marketing credit offers and built-in services adjusted to partners’ business and
commercial strategy. In this way BNP Paribas Personal Finance is the
benchmark for brands in the worlds of trade, services, banking and insurance. It
is also the leading player in the field of responsible lending.
For further information: www.bnpparibas-pf.com –
www.moncreditresponsable.com
About Sberbank
Sberbank of Russia is the largest bank in Russia, accounting for about 27% of the
aggregate Russian banking assets and employing about 240,000 people. Sberbank’s
founder and major shareholder is the Bank of Russia holding 57.6% of voting shares.
The bank’s other shareholders comprise more than 244,000 legal entities and
individuals. The bank has the largest countrywide branch network with 17 regional
head offices and more than 19,000 branches as well as subsidiary banks in
Kazakhstan, Ukraine and Belarus, a branch in India, and representative offices in
Germany and China. In February 2012, the Bank acquired Volksbank International
Group with branches in nine countries of Central and Eastern Europe. In June 2012,
Sberbank signed an agreement with Dexia to purchase 99.85% of shares in Turkish
DenizBank.
The bank holds the general banking licence No.1481 issued by the Bank of Russia.
The official website is www.sberbank.ru
Press contacts
Pascal Roussarie
BNP Paribas Personal Finance
Email : [email protected]
Tel : +33 1 46 39 91 30
Pascal Hénisse
BNP Paribas
Email : [email protected]
Tel : +33 1 40 14 65 14