Sber to become the sole shareholder of Cetelem Bank

Oct 15, 2020

PJSC Sberbank (Sber) 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. As a resultof the deal, Sber will become the sole shareholder of Cetelem Bank.

In 2012 Sberbank became a shareholder of Cetelem Bank, having decided to join forces with the BNP Paribas Personal Finance group to gain a leadership position in the Russian consumer lending market. JV combined resources and expertise from BNP Paribas Personal Finance and Sber, which allowed to build the strongest player on the market.

The JV agreement also provided Sber with the opportunity to buy out the BNP Paribas PF’s stake and consolidate 100% participatory interest in Cetelem Bank at some stage of business development. 
This opportunity is used by the Group Sber today.

Currently, Cetelem Bank is the leader in the Russian car loans market for both in terms of portfolio size and sales volumes, providing consumer loans in cooperation with major auto manufacturers and their partners in 75 regions of Russia. The company will continue to expand its portfolio pro-actively in the future.

                             

The deal will allow to provide Cetelem Bank with Sber’s technologies and services to the maximum extent possible and offer new products to clients.

The deal will be closed in compliance with generally accepted legal procedures, including review and approval by the French and Russian regulatory institutions.

Kirill Tsaryov, Head of Retail Business Block, Sber:

“The deal is the result of the arrangements with BNP Paribas Personal Finance outlined back in 2012. We are grateful to our partner for years of productive cooperation, which allowed Cetelem Bank to develop and remain flexible in the rapidly changing market conditions. I am convinced that integration and the ability of using Sber’s services will create new opportunities for Cetelem Bank and will enable us to offer an even wider range of services to our customers”.

Laurent David, CEO, BNP Paribas Personal Finance: 

“It is a part of our business model to share our know-how with leaders in the Banking sector. We are proud of what we have achieved with Sberbank in the last eight years. We are confident that the success of Cetelem Bank, in which we have invested a lot since the company creation, will be carried further and that the quality of service to customers, dealers and manufacturers will remain at the top level. We wish success to Sberbank in the realization of their automotive strategy and we are sure that Cetelem Bank will become one of its key assets”.