Sberbank yesterday (4 June) unveiled cash aid for Opel of EUR500m to help the German company maintain jobs at home.
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According to chief executive German Gref, Sberbank and its partner in the winning bid for Opel, Magna International Inc , will each commit part of the funds in proportion to their stakes.
As part of the restructuring programme outlined by Sberbank, GM’s two largest plants in Russia will be handed over to Opel under the control of the Sberbank/Magna venture.
It is hoped that the production process from these plants can be integrated with other Russian car makers in order to modernise production in the country.
As reported yesterday, Sberbank does not see itself as a long-term strategic owner of Opel and will look to offload its 35% stake at some point.
Gref has said that the state bank had got involved in the rescue deal for Opel in order to help Russia’s auto industry.
It is thought that Sberbank will either sell its stake to a Russian carmaker or perhaps state industrial conglomerate Russian Technologies.
