Sberbank of Russia (the leading Russian bank) and Cetelem (BNP Paribas Personal Finance), Europe’s leading credit player announce they have signed a non binding Memorandum of Understanding with the project to set up a jointly owned Russian POS (Point of Sale) finance bank.
Sberbank of Russia and Cetelem (BNP Paribas group) have signed a non binding Memorandum of Understanding outlining major terms for the foundation of a joint Russian POS finance bank (hereinafter – the “Partnership”). The deal will result in creation of a Partnership which should be operated under Cetelem brand and Sberbank will have a majority stake.
