AvtoVAZ launches own bank after purchase from Renault-Nissan

MOSCOW, Sep 5 (PRIME) -- Car maker AvtoVAZ has launched Auto Finance Bank based on RN Bank bought from alliance Renault-Nissan, the producer said on Tuesday.

"SC AvtoVAZ announces the end of the necessary legal procedures to launch a new bank in Russia, SC Avto Finance Bank (created on the basis of RN Bank, which AvtoVAZ bought in the summer of 2023). The strategy of the bank has now been extended significantly," the statement read.

AvtoVAZ CEO Maxim Sokolov said that the bank would aim at raising the retail loan portfolio seven times by 2030. The bank would also finance component suppliers for the Russian car industry, the company said.

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