Avtovaz completes deal to buy Renault-Nissan’s Russian finance business

MOSCOW, June 21 (Reuters) – Russian carmaker Avtovaz (AVAZI_p.MM) has completed the acquisition of RN Bank, a joint venture between Italian lender UniCredit and the Renault-Nissan-Mitsubishi Alliance, the company said on Wednesday.
President Vladimir Putin approved the deal in November, issuing a waiver for the sale to go through, bypassing a ban on some foreign-owned strategic asset sales.
“In June 2023, Avtovaz closed a deal to buy 100% of shares in RN Bank from Barn B.V.,” Avtovaz said in a statement. “Details of the transaction are not subject to disclosure.”
UniCredit (CRDI.MI) had held a 40% stake in Barn B.V. The alliance between Renault (RENA.PA), Nissan (7201.T) and Mitsubishi (7211.T) held 60% when the JV was formed in 2013.
Reporting by Reuters; Writing by Alexander Marrow; Editing by Louise Heavens
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