MOSCOW, June 21 (Reuters) – Russian carmaker Avtovaz (AVAZI_p.MM) has finished the purchase of RN Financial institution, a three way partnership between Italian lender UniCredit and the Renault-Nissan-Mitsubishi Alliance, the corporate mentioned on Wednesday.
President Vladimir Putin authorized the deal in November, issuing a waiver for the sale to head thru, bypassing a ban on some foreign-owned strategic asset gross sales.
“In June 2023, Avtovaz closed a deal to shop for 100% of stocks in RN Financial institution from Barn B.V.,” Avtovaz mentioned in a commentary. “Main points of the transaction aren’t matter to disclosure.”
UniCredit (CRDI.MI) had held a 40% stake in Barn B.V. The alliance between Renault (RENA.PA), Nissan (7201.T) and Mitsubishi (7211.T) held 60% when the JV used to be shaped in 2013.
Reporting via Reuters; Writing via Alexander Marrow; Enhancing via Louise Heavens
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