Sberbank denies reports of closing POS business in affiliate

MOSCOW, Oct 10 (PRIME) -- Russia’s top bank Sberbank does not plan to close the POS-business of its affiliate Cetelem Bank, and is even studying new development possibilities of the segment, a Sberbank representative told PRIME on Tuesday.

Kommersant business daily reported citing sources that the supervisory board of Sberbank had decided to close the Cetelem business and notified the affiliate’s board of directors of the need to shut it down completely until July 2018.

“The issue of closing the POS loan business on the basis of Cetelem has not been submitted for consideration of the board of directors of the affiliate bank, and shareholders have made no decisions to close it. Moreover, we are studying new possibilities for development of this segment that comply with demands of clients and partners,” the representative of Sberbank said.

“We plan further improvement of the Cetelem position in provision of car loans, and also work on development of new promising directions.

The representative said that Cetelem was a leader on the car loans market in January–June 2017 in Russia.

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