Alliance partners Renault–Nissan will take their joint stake in AvtoVAZ, Russia’s largest carmaker, to 50% next year from 25% currently, according to sources close to the negotiations.
The deal had been expected to be finalised before the end of 2011 but the complexity is causing the delays, said the insider who was speaking to reporters at a conference held by Russia’s largest bank, Sberbank.
Renault is expected to hold a 35% stake and Nissan 15%. The other stakeholders are industrial company Rostekhnologii and investment firm Troika Dialog, which own a 25% plus one share stake in AvtoVAZ. Troika Dialog president Ruben Vardanyan has previously said that he does not rule out the possibility of publicly selling part of its stake in AvtoVAZ.
Meanwhile, Renault’s bank Renault Credit International (RCI Banque), has said that it plans to invest US$400m in the creation of a bank in Russia, according to media reports in Moscow quoting Bruno Kintzinger, RCI Banque Eurasia region director.
The bank is expected to start operating in 2012 and provide lending services for Renault car sales in the country.
Ivan Zhigarev, director of UniCredit Bank’s department for car lending development, estimates that autobanks have around 25% share of the car finance market.