"Savings Bank" and "Cetelem" signed an agreement to establish an enterprise in the Russian Federation

the central building of "Savings" 

This week, Russia's "Savings" and a unit of French banking group "BNP Paribas", which is mainly specialized in POS-lending, have signed an agreement on a joint venture in Russia. As the representative of the French bank agency France Presse, the enterprise will be engaged in POS-lending.

Talk about the intention to create a project to enter the banking market POS-lending began to be conducted in the summer of this year.
As agreed in the agreement between the companies, "Savings Bank" will own 70% of the company, and "Cetelem" in turn will own 30%. His active work the joint venture should begin as early as June of this year, after obtaining all necessary permits, so says the French side.

The entrance to the building
company "BNP Parisbos"

Of course, "BNP Paribos" hopes to benefit from the weighty to the agreement. At present, the "Cetelem" accounted for approximately 3.5% of Russian market of POS-lending. According to forecasts of the French banking group in a couple of years, the share of "Cetelem" must have more than 30% POS-lending.
As the head of the press "Savings Bank" German Gref, the documents under this agreement to buy control of the joint venture must be signed before the end of 2012. In June 2011, a board member of the Russian bank Denis Bugrov told the press that this joint business to start in early 2012, or otherwise at the end of Q1.
Just as the group reported "BNP Parisbas" in early September, it no longer plans to develop its customer base and sales network in Russia. At the moment, it intends to develop a consumer credit in the current joint agreement with the Russian "Savings Bank". All branches of the bank, "BNP Paribas Vostok" should be soon closed.