A banking group based in Novosibirsk, JSC TsK, has expanded its footprint through the acquisition of Volkswagen Group Finanz LLC, which was formerly owned by Volkswagen Financial Services AG. This development was reported by Telegram channel Unlimited, signaling a notable shift in the financial and automotive financing landscape. The deal underscores TsK’s strategic moves to broaden its service offerings and footprint beyond traditional banking activities, aligning with a trend of cross-sector consolidation in the Russian market.
As part of the same transaction, the factoring subsidiary of Volkswagen LLC FVFU RUS was transferred to the Central Committee of JSC. Both transfers were completed and recorded at the end of January 2024, marking an important reorganization within the group’s corporate structure. The reassignment of FVFU RUS’s ownership signals a broader push toward centralized management of specialized financial services within the newly formed corporate framework, potentially streamlining credit and factoring operations across the network.
In Russia, Volkswagen Group Finanz served primarily as a leasing operator for Volkswagen, the German automobile manufacturer. Current information available on the company’s site indicates an expanded portfolio that includes vehicle lending and factoring services in addition to leasing. Earlier, in March 2023, CK JSC took ownership of Expomobility LLC, a leasing company in Russia, which is part of the Societe Generale Group from France. This sequence of acquisitions reflects a broader strategy to integrate vehicle financing tools under a more cohesive regional platform, enabling more flexible financing options for customers seeking car ownership and fleet solutions within Russia.
Meanwhile, industry observers note progress from Kaliningrad’s Avtotor automobile holding. The company has outlined plans to commence mass production of electric vehicles developed by its own engineers in 2025. The initiative includes integrating equipment that supports mobility-impaired users, signaling a commitment to accessibility in new mobility solutions. The company has signaled that the first prototypes will be unveiled within the year, and the product line will rest on a technology-neutral platform with a strong emphasis on highly localized production of components, including critical parts. A core objective is to maximize domestic manufacturing capacity, with the majority of components produced in newly established Avtotor facilities, reducing dependence on external suppliers and strengthening regional supply chains.
Earlier reports indicated that a large number of new vehicles remained at the former Volkswagen plant near Kaluga, reflecting ongoing logistics and production realignments in the wake of corporate restructurings and shifting automotive financing arrangements. This mixture of expansions, reorganizations, and planned production initiatives paints a picture of a rapidly evolving automotive financing and manufacturing ecosystem in Russia, where local players seek to leverage international partnerships while building up domestic capabilities for both conventional and electric mobility.