Mercedes-Benz Bank Rus

History

2023: Putin allowed Avtodom to buy a subsidiary bank Mercedes-Benz

Russian President Vladimir Putin allowed the Avtodom dealer to buy a subsidiary bank of the German automaker Mercedes-Benz in Russia - Mercedes-Benz Bank Rus. The corresponding order of the head of state was published on the official Internet portal of legal information, Interfax reported on February 6, 2023.

Allow the joint-stock company Avtodom to complete a transaction to acquire 100% shares in the authorized capital of Mercedes-Benz Bank Rus, a limited liability company owned by Mercedes-Benz Group AG, the document says.

Putin allowed Avtodom to buy a subsidiary bank Mercedes-Benz

No other permits, consents or documents are required to complete this transaction, the order says.

As part of the curtailment of business in Russia, Mercedes-Benz Group announced plans to sell shares in local subsidiaries: Mercedes-Benz Rus (official distributor), Mercedes-Benz Manufacturing Rus plant near Moscow, Mercedes-Benz Financial Services Rus leasing subsidiary, Mercedes-Benz Financial Services Rus, Mercedes-Benz Financial Services Rus and Mercedes-Benz Capital Facking.

After the Russian subsidiaries of Mercedes-Benz move to Avtodoma, the company will be able to carry out maintenance of cars sold on the Russian market, as well as attract other companies to produce cars based on the plant in Esino.

Avtodom Group specializes in the sale and maintenance of premium and luxury cars. The holding belongs to Andrei Olkhovsky, he is also the head of the company.

At the end of October 2022, the Russian president approved a list of Russian banks owned by foreign companies, the sale of which is possible only with the special permission of the president. It included 45 credit institutions.^[1]

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