Renault has announced it has set up a bank in Russia in order to support car sales in the country.
Renault Credit International Bank will invest around $400 million to open a Moscow based-unit to provide services all over Russia starting from September 2012, said Bruno Kintzinger, RCI Banque Eurasia region director.
Already operating in 27 countries, Renault Credit International provides car loans and has a total revenue of about €700 million a year. RCI currently offers its services to Russia through partner bank UniCredit. “The decision was to take the next step and create a joint venture in which all the business processes, programs will be designed in such a way as to ensure and support Renault’s activities ,” Kintzinger told reporters at the opening of AAA Motors, the largest Renault dealership in southern Russia.
“The prospects for a bank in Russia are very high due to the fact that we expect the Russian market to grow in the coming years. And it is a proof that Renault has come to Russia not just to ‘skim the cream off’ but to invest seriously and for a long time,” Kintzinger added. The bank will also invest in a dealer network.