DGAP-News: Sberbank and Cetelem unite efforts to develop consumer credit market in Russia

(firmenpresse) - EquityStory.RS, LLC-News: Sberbank / Key word(s): Miscellaneous
Sberbank and Cetelem unite efforts to develop consumer credit market
in Russia

28.12.2011 / 09:06

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Sberbank, the leading Russian bank, and Cetelem, Europe's leading credit
player,
unite efforts to develop consumer credit market in Russia

28 December 2011, Moscow - In line with the Memorandum of Understanding
entered into force on June 17, 2011, Sberbank, Russia's leading universal
bank, and Cetelem, the consumer lending division of the BNP Paribas Group,
the leading provider of consumer loans in France and Europe, have signed
(the date of signature) a binding agreement for the foundation of a joint
Russian POS (Point of Sale) finance bank (hereinafter - the 'Partnership').
The Partnership will operate under the Cetelem brand. Sberbank will have a
70% stake in the Partnership, the remaining 30% stake being owned by BNP
Paribas Personal Finance France, which owns the Cetelem brand.

Partnership operations are planned to start in the summer of 2012 on the
basis of BNP Paribas Vostok, after its full-scale restructuring and
transfer of Cetelem business from ZAO BNP Paribas. Meanwhile the Parties
will apply for all necessary approvals and will actively continue active
preparation activities to ensure a smooth and quick start of the
Partnership promptly after closing of the transaction in the summer of
2012.

The Parties believe that the Partnership will meet high season of 2012
fully strengthened by complementary knowledge, experience and inputs of
both partners and quickly become one of the market leaders in the POS
market.

The Partnership will use the concept of 'responsible lending' developed by


Cetelem and supported by Sberbank that implies providing simple and
transparent client products with reasonable interest rates. The Parties
believe that use of this concept will make POS loans more attractive to
clients and lead to the transformation of the Russian POS market.

# # #

Sberbank of Russia
Alexander Baziyan
Public Relations
Tel. +7(495) 957 5721
media@sberbank.ru

Sberbank of Russia is the largest bank in Russia, accounting for about 27%
of the aggregate Russian banking assets and employing about 240,000 people.
Sberbank's founder and major shareholder is the Bank of Russia holding over
60% of voting shares. The bank's other shareholders comprise more than
245,000 legal entities and individuals. The bank has the largest
countrywide branch network with 17 regional head offices and more than
19,000 outlets as well as subsidiary banks in Kazakhstan, Ukraine and
Belarus, a branch in India, and representative offices in Germany and
China.

The bank holds the general banking licence No.1481 issued by the Bank of
Russia.

The official website is www.sberbank.ru

Cetelem, a commercial brand of BNP Paribas Personal Finance, a part of the
BNP Paribas Group, specializing in personal financing through its consumer
credit and mortgage activities. With 28,000 employees in more than 30
countries across 4 continents, BNP Paribas Personal Finance is N 1 in
France and Europe.

Under the its key brand (Cetelem), BNP Paribas Personal Finance offers a
full range of consumer credit products that are available either at the
point of sale - in retail outlets andcar dealerships, or directly from its
customer relations centers and via the Internet.

In addition to this, BNP Paribas Personal Finance has turned its
partnership activities into a business line in their own right, using its
expertise to develop a comprehensive range of credit solutions and
integrated services that are tailored to suit each partner's own particular
business and own commercial strategy. BNP Paribas Personal Finance has thus
become the benchmark partner for brands in the retail, services, banking
and insurance worlds. It is also the leading player in the field of
responsible lending.

For further information: www.bnpparibas-pf.com,
www.moncreditresponsable.com

Contacts


Pascal Roussarie

Email : pascal.roussarie@cetelem.fr
Tel : (33) 1 46 39 91 30

Dmitry Borschevsky
Email : dmitry.borschevsky@cetelem.ru
Tel : +7 985 455 72 26


End of Corporate News

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Language: English
Company: Sberbank
19 Vavilova St.
117997 Moscow
Russia
Phone: +7-495-957-57-21
E-mail: media@sberbank.ru
Internet: www.sberbank.ru
ISIN: US80585Y3080, RU0009029540, RU0009029557
Listed: Foreign Exchange(s) MICEX, RTS


End of News EquityStory.RS, LLC News-Service
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