PARIS (Reuters) -French carmaker Renault (EPA:RENA)'s RCI Banque division said on Monday it had agreed the sale of its Russian leasing subsidiary to Insight Investment Group LLC, as major Western companies depart in the wake of Moscow's invasion of Ukraine.
"This divestment represents the final step in the withdrawal of RCI Banque SA from the Russian Federation, in line with the decision made by the Renault Group in 2022. Details of the agreement are not subject to disclosure," the company said.
Insight said the acquisition would strengthen the leasing holding it is creating and also diversify the group's assets. Insight in March acquired the Russian leasing arm of farm equipment maker Deere & Co.
Insight said the leasing subsidiary's management team would be retained and that it was always ready to consider acquiring more assets, primarily within the leasing industry.