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

Published 21/06/2023, 09:04
© Reuters. A view shows the plant of carmaker AvtoVAZ in the city of Togliatti, Russia, February 25, 2016. Picture taken February 25, 2016. REUTERS/Gleb Stolyarov/FILE PHOTO
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MOSCOW (Reuters) - Russian carmaker Avtovaz has completed the acquisition of RN Bank, a joint venture between Italian lender UniCredit (LON:0RLS) 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.

© Reuters. A view shows the plant of carmaker AvtoVAZ in the city of Togliatti, Russia, February 25, 2016. Picture taken February 25, 2016. REUTERS/Gleb Stolyarov/FILE PHOTO

"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 had held a 40% stake in Barn B.V. The alliance between Renault (EPA:RENA), Nissan and Mitsubishi held 60% when the JV was formed in 2013.

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