Avtovaz completes deal to buy Renault-Nissan’s Russian finance business

MOSCOW (Reuters) – Russian carmaker Avtovaz has completed the acquisition of RN Bank, a joint venture between Italian lender UniCredit and the Renault-Nissan-Mitsubishi Alliance, the company said on Wednesday.

President Vladimir Putin approved the deal in November, issuing a waiver for the sale to go through, bypassing a ban on some foreign-owned strategic asset sales.

“In June 2023, Avtovaz closed a deal to buy 100% of shares in RN Bank from Barn B.V.,” Avtovaz said in a statement. “Details of the transaction are not subject to disclosure.”

UniCredit had held a 40% stake in Barn B.V. The alliance between Renault, Nissan and Mitsubishi held 60% when the JV was formed in 2013.

(Reporting by Reuters; Writing by Alexander Marrow; Editing by Louise Heavens)