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

Sep 05, 2012

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 remained one of the few significant financial markets where Sberbank did not work,” said Denis Bugrov, Senior Vice President 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, 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.”

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Sberbank of Russia
Corporate Affairs and Communications
Tel.: +7(495) 957 5721 

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  

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.

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Pascal Roussarie                                         Dmitry Borschevsky
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