Auto Finance Bank

JSC Auto Finance Bank
Native name
АО Авто Финанс Банк
FormerlyJSC RN Bank
Company typeSubsidiary
PredecessorCJSC Bank Siberia
Founded5 September 2013
HeadquartersMoscow, Russia
Key people
Olga Bodnarchuk (chairman of the board)
ServicesBanking
RevenueDecrease 11,527.03 million[1] (2020)
Increase ₽4,430.22 million[1] (2020)
Increase ₽3,504.73 million[1] (2020)
Total assetsDecrease ₽106,255.87 million[1] (2020)
Total equityIncrease ₽22,916.77 million[1] (2020)
ParentAvtoVAZ
Websiteautofinancebank.ru/

Auto Finance Bank (Russian: Авто Финанс Банк), named until July 2023 RN Bank (Russian: РН Банк), is a Moscow-based bank established in 2013, owned by the Russian car manufacturer AvtoVAZ and aimed at financing its car sales.

The first financial affiliate of AvtoVAZ, AvtoVAZbank (Russian: АвтоВАЗбанк), operated as such from 1988 to 1996. In 1997, AvtoVAZ replaced it with Automotive Banking House, later renamed Lada-Credit (Russian: Лада-Кредит). From the late 2000s onwards, AvtoVAZ partnerered with other banking companies for financing. RCI Banque entered into the Russian market in 2006, financing Renault and Nissan sales. RN Bank was established in 2013 as a joint venture owned by UniCredit Bank Russia (as majority holder), RCI Banque and Nissan to finance Renault, Nissan and AvtoVAZ sales. It was acquired by AvtoVAZ in 2023 and later renamed.

History

AvtoVAZbank

Bank AVB headquarters, pictured in 2012

Tolyatti-based AvtoVAZbank was established in 1988 as the financial affiliate of AvtoVAZ as well as one of the first commercial banks in Russia. Its founders were AvtoVAZ along with VnesheconombankSberbank and Promstroybank (Russia).[2][3][4] By 1995, the largest shareholders of the bank were AvtoVAZ (over 30%), KamAZ (16.4%) and LogoVAZ,[3] a car distributor[2] (18.6%). In the Volga region, it controlled a quarter of the financial capital and more than a third of the banking capital. It had investments in financial companies, oil companies, publishing companies, among others. The bank had a management school, the International Academy of Business and Banking, something unique at the time in Russia.[3]

In late 1995, following a crisis in the loan market that severely affected it,[4][5] AvtoVAZbank almost stopped trading and started a restructuring, while the Central Bank of Russia appointed an interim management in February 1996. AvtoVAZ transferred its management school to the Tolyatti municipality and sold various assets.[5] In mid-1996, AvtoVAZbank resumed transactions with AvtoVAZ  at a small scale. By that time, AvtoVAZ dropped AvtoVAZbank as its main financial affiliate.[6][7] In 1999, the state-controlled Agency for the Restructuring of Credit Organisations (ARCO) became the main AvtoVAZbank shareholder.[8] In May 2001, Globex, a Moscow-based banking holding,  bought out the ARCO stake. In July 2005, the AvtoVAZbank shares owned by Globex (over 90% of the company's total) came under the control of five companies owned by top managers of AvtoVAZbank.[9] In April 2007, AvtoVAZbank decided to remove "AvtoVAZ" from its name, as it no longer had a relationship with the car manufacturer.[10] In August 2008, AvtoVAZbank adopted the trading name Bank AVB.[11] In July 2015, as its financial situation continued deteriorating,  the bank was taken by the government and transferred  to Promsvyazbank for restructuring.[12][13] In May 2018, Bank AVB was acquired by the Central Bank of Russia.[14]

In 2019, Bank AVB was liquidated, and its assets were absorbed by the Trust Bank.[13]

Lada-Credit, Novikombank and others

In early 1996, as AvtoVAZbank was not able to properly operate in the market, AvtoVAZ partnered with Tolyatti-based Rosestbank as its main financial backer.[6] In late 1996, the two companies decided to create a new main financial affiliate for AvtoVAZ by using an existing dormant small bank,[7] Moscow-based Volna, which had been established in 1994. In 1996, Volna was re-registered in Tolyatti. In 1997, it was bought out by AvtoVAZ and changed its name to CB Automotive Banking House LLC. It was renamed CJSC CB Lada-Credit[15] in June 2009.[16]

In June 2006, AvtoVAZ and Vneshtorgbank signed a strategic partnership agreement for the latter to manage AvtoVAZ financial flows and give it credit.[17] In April 2008, AvtoVAZ started a similar partnership with Sberbank by which the latter promised to finance investments of AvtoVAZ, its subsidiaries and affiliates.[18]

By 2006, AvtoVAZ started working with Novikombank.[19] In February 2009, AvtoVAZ acquired a 20% stake in Novikombank,[20] and Lada-Credit became a Novikombank subsidiary in 2010.[21] In August 2011, AvtoVAZ sold its stake to Rostec.[20] Lada-Credit continued existing until it lost its banking licence in October 2015.[15]

RN Bank and Auto Finance Bank

The Renault-owned financial company RCI Banque started activities in Russia in early 2006, launching a loan programme for Nissan cars together with the International Moscow Bank (the present UniCredit Bank Russia) and Nissan's Russian subsidiary.[22] RCI Banque, UniCredit Russia and Avtoframos also launched a program to finance Renault sales.[23] RCI Banque established a Russian subsidiary, RN Finance Rus, in partnership with UniCredit Russia, launching the loan lines Renault Credit, Nissan Finance and Infiniti Finance.[24]

CJSC Bank Siberia (Sibir), an Omsk-based bank, was established in 1989. In 2005, it became a wholly owned subsidiary of ATFBank, a Kazakhstani bank. In September 2011, it was acquired by UniCredit Russia.[25] By 2012, plans for turning Sibir into the financial affiliate for Renault and Nissan in Russia were being discussed.[26] In May 2013, Sibir changed its registered address to Moscow.[1] On 5 September 2013, Sibir was re-registered as RN Bank.[27] RN Bank ownership was transferred to the Dutch-registered holding Barn BV whose ownership was in turn split up into two entities: 40% UniCredit and 60% RN SF Holding BV (a holding equally owned by RCI Banque and Nissan).[28][29] In March 2018, UniCredit transferred its stake to its subsidiary, UniCredit Russia.[28] In November 2022, plans for AvtoVAZ acquiring all the Barn BV stake were announced, as UniCredit was reducing its Russian activities and considering to leave the Russian market completely.[30] In June 2023, AvtoVAZ acquired all RN Bank shares.[31] In July of that year, the company was renamed as Auto Finance Bank.[32] The renaming process was completed in September.[33]

Operations

Auto Finance Bank provides auto loans for the purchase of AvtoVAZ cars in Russia and financing for its dealerships, as well as related financial services.[34] As of 2021, one-third of the Alliance car sales in Russia were being financed by RN Bank.[35]

References

  1. ^ a b c d e f "Independent auditor's report on the financial statements of Joint Stock Company RN Bank for the year ended 31 December 2020" (PDF). RN Bank. pp. 9–10, 13. Retrieved 4 February 2022.
  2. ^ a b Johnson, Juliet (2000). A Fistful of Rubles: The Rise and Fall of the Russian Banking System. Cornell University Press. pp. 42–43. ISBN 0-8014-3744-X.
  3. ^ a b c "Банковские системы регионов (АвтоВАЗбанк)" [Regions banking systems (AvtoVAZbank)]. Kommersant (in Russian). No. 136. 22 July 1995. p. 6. Retrieved 3 February 2022.
  4. ^ a b Moroz, Sofia (13 May 2013). "АВТОВАЗБАНК: у истоков банковской системы" [AVTOVAZBANK: at the origins of the banking system]. NBJ (in Russian). Retrieved 3 February 2022.
  5. ^ a b Lange, Konstantin (13 April 1996). "Больной все еще тяжело болен, но уже не безнадежен" [The patient is still seriously ill, but no longer hopeless]. Kommersant (in Russian). No. 63. p. 6. Retrieved 31 January 2022.
  6. ^ a b "Возвращение банка, который считали умершим" [The return of the bank that was considered dead]. Kommersant (in Russian). No. 190. 11 June 1996. p. 5. Retrieved 3 February 2022.
  7. ^ a b Fedorov, Andrey (29 August 1996). "АвтоВАЗбанк может потерять последнее" [AvtoVAZbank may lose at the end]. Kommersant (in Russian). No. 141. p. 5. Retrieved 3 February 2022.
  8. ^ Pappe, Jacob (2021). «Олигархи». Экономическая хроника 1992–2000 ["Oligarchs". Economic Chronicle 1992–2000] (in Russian). Litre. ISBN 978-5-7598-0082-8.
  9. ^ Gordeeva, Olga (3 September 2005). "АвтоВАЗбанк ушел от "Глобэкса"" [AvtoVAZbank left Globex]. Kommersant (in Russian). No. 185/P. p. 14. Retrieved 3 February 2022.
  10. ^ Kolycheva, Elena; Kaledin, Pavel (21 April 2007). "АвтоВАЗа не будет в названии тольяттинского банка" [AvtoVAZ will no longer be in the name of the Tolyatti bank]. Kommersant (Samara) (in Russian). No. 68. Retrieved 31 January 2022.
  11. ^ "Avtovazbank announces new corporate name". banki.ru. 25 August 2008. Retrieved 3 February 2022.
  12. ^ Kasmi, Elyas (7 April 2021). "Арестовано имущество основателей "Техносерва" на десятки миллиардов рублей" [Tens of billions of rubles in property from the Technoserv founders was seized]. CNews. Retrieved 3 February 2022.
  13. ^ a b ""Траст" подал иск к Ананьевым по делу Автовазбанка" [Trust filed a lawsuit against the Ananyevs in the AvtoVAZbank case]. 1Prime (in Russian). 2 April 2021. Retrieved 3 February 2022.
  14. ^ Gaiva, Evgeniy (18 May 2018). "ЦБ выкупил Автовазбанк у Промсвязьбанка" [The Central Bank bought Avtovazbank from Promsvyazbank]. Rossiyskaya Gazeta (in Russian). Retrieved 3 February 2022.
  15. ^ a b Petrova, Julia (16 October 2015). "ЦБ отозвал лицензии сразу у трех банков" [The Central Bank revoked the licence from three banks at once]. Vedomosti (in Russian). Retrieved 3 February 2022.
  16. ^ "Банк для "АвтоВАЗа"" [Bank of AvtoVAZ]. Vedomosti (in Russian). 11 June 2009. Retrieved 3 February 2022.
  17. ^ Vetvinsky, Andrey (4 June 2006). "Внешторгбанк купит банки "АвтоВАЗа"" [Vneshtorgbank may buy AvtoVAZ banks]. banki.ru (in Russian). Retrieved 3 February 2022.
  18. ^ "Сбербанк стал ведущим обслуживающим банком "АвтоВАЗа"" [Sberbank became AvtoVAZ's leading servicing bank]. banki.ru (in Russian). 17 April 2008. Retrieved 3 February 2022.
  19. ^ "АвтоВАЗ меняет систему расчета с дилерами" [AvtoVAZ changes the settlement system with dealers]. Kommersant (in Russian). 7 March 2006. Retrieved 3 February 2022.
  20. ^ a b "Новикомбанк отказался от своих акций" [Novikombank abandoned its shares]. Kommersant (Samara) (in Russian). No. 164. 3 September 2011. Retrieved 3 February 2022.
  21. ^ Voronova, Tatyana; Zhelobanov, Daniil; Fialko, Alice (22 June 2010). ""АвтоВАЗ" нашел покупателя на дочерний банк "Лада-кредит"" [AvtoVAZ found a buyer for its subsidiary bank Lada-Credit]. Vedomosti (in Russian). Retrieved 3 February 2022.
  22. ^ "Автокредит с доставкой на дом" [Car loan with home delivery]. Ogonyok (in Russian). No. 17. 30 April 2006. p. 24. Retrieved 3 February 2022.
  23. ^ Merkulov, Vladimir (21 April 2008). "Банки на колесном ходу" [Banks on wheels]. Kommersant Money (in Russian). No. 15. p. 78. Retrieved 4 February 2022.
  24. ^ "ЮниКредит Банк купил банк "Сибирь"" [80,000 loans issued under Renault Credit programme]. Autostat (in Russian). 2 September 2011. Retrieved 4 February 2022.
  25. ^ "ЮниКредит Банк купил банк "Сибирь"" [UniCredit Bank bought Sibir Bank]. banki.ru (in Russian). 16 September 2011. Retrieved 4 February 2022.
  26. ^ "Renault-Nissan и UniCredit создадут автокредитный банк в РФ на базе омского банка «Сибирь" [Renault-Nissan and UniCredit will create a car loan bank in the Russian Federation on the basis of the Omsk-based bank Sibir]. banki.ru (in Russian). 10 August 2012. Retrieved 4 February 2022.
  27. ^ "Банк "Сибирь" переименован в РН Банк" [Bank Siberia became RN Bank]. BK55 (in Russian). 30 November 2013. Retrieved 4 February 2022.
  28. ^ a b "Штаб-квартира Unicredit передала 40% банка альянса Renault-Nissan российской "дочке"" [Unicredit headquarters transfer 40% of RN Bank to Russian subsidiary]. RNS (in Russian). 22 March 2018. Retrieved 4 February 2022.
  29. ^ "Схема взаимосвязей кредитной организации под контролем либо значительным влиянием которых находится кредитная организация" [Scheme of interrelations of entities that have the control or significant influence on the credit institution] (PDF) (in Russian). RN Bank. Retrieved 4 February 2022.
  30. ^ ""АвтоВАЗу" разрешили купить российский банк альянса Renault-Nissan" [AvtoVAZ has been granted permission to buy the Russian bank of the Renault—Nissan Alliance]. Interfax (in Russian). 29 November 2022. Retrieved 30 November 2022.
  31. ^ "«АвтоВАЗ» закрыл сделку по покупке «РН-банка»" [AvtoVAZ closed the deal to acquire RN Bank]. Vedomosti (in Russian). 21 June 2023. Retrieved 23 June 2023.
  32. ^ "«АвтоВАЗ» переименовал приобретенный «РН банк» в «Авто финанс банк»" [AvtoVAZ renamed acquired RN Bank to Auto Finance Bank]. Vedomosti (in Russian). 21 July 2023. Retrieved 3 October 2023.
  33. ^ "«АВТОВАЗ» запустил «Авто Финанс Банк»" [AvtoVAZ launched Auto Finance Bank]. Finam (in Russian). 5 September 2023. Retrieved 3 October 2023.
  34. ^ "О БАНКЕ" [About the bank] (in Russian). RN Bank. Retrieved 4 February 2022.
  35. ^ "Презентация для инвесторов" [Investors presentation] (PDF) (in Russian). RN Bank. p. 3. Retrieved 4 February 2022.

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