BNP Paribas Vostok Sells Lending Portfolio

21 October 2011 (09:34)

The retail lending portfolio of BNP Paribas Vostok that is closing down its classic retail services in Russia was sold to Bank Uralsib. The company made the best bid in the course of the tender.

Paying a bit more for the asset made certain sense: Uralsib is currently falling behind its competitors in terms of retail segment growth, so now it will be able to both build up on its lending portfolio and improve its deposit base thanks to the French banks’ customers,’ Kommersant reports.

According to a report produced by BNP Paribas Vostok, the company’s lending portfolio amounted to 1.3bn RUR on October 1, 2011. The decision to sell the asset was taken by the French business in order to close down on its classic retail services in Russia.

Raiffeisenbank and UniCredit Bank were among the other bidders willing to purchase the bank’s retail lending portfolio.

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