AvtoVAZ announced that the legal procedures for opening a new bank in Russia, named JSC Auto Finance Bank, have been completed. In this respect reported Press office of the company.
The new bank was created on the basis of JSC RN-Bank, founded by AvtoVAZ. I bought summer 2023. French Renault and Japanese Nissan owned 60% stake in the bank through Barn BV, while UniCredit Bank owned the other 40%.
In addition to providing financing to individuals for the purchase of new and used automobiles, the Bank will continue to provide factoring services to automobile manufacturers for the financing of dealer warehouses. In addition, it is planned to increase the volume of corporate business, including the financing of component suppliers, and to offer new services to private customers (time deposits, payment services and other financial services) to support and restore the Russian automotive industry.
According to AvtoVAZ chairman Maxim Sokolov, the bank will become “an integral part of the entire Russian automotive industry on the way to achieving technological dominance and achieving the Industrial Development Strategy goals by 2035.” AvtoVAZ plans to increase the bank’s consumer loan portfolio and profits sevenfold by 2030.
Formerly AvtoVAZ announced About the record sales of Lada in August.