MOSCOW : Russian carmaker Avtovaz has completed the acquisition of RN Bank, a joint venture between Italian lender UniCredit and the Renault-Nissan-Mitsubishi Alliance, the company said on Wednesday.
President Vladimir Putin approved the deal in November, issuing a waiver for the sale to go through, bypassing a ban on some foreign-owned strategic asset sales.
"In June 2023, Avtovaz closed a deal to buy 100 per cent of shares in RN Bank from Barn B.V.," Avtovaz said in a statement. "Details of the transaction are not subject to disclosure."
UniCredit had held a 40 per cent stake in Barn B.V. The alliance between Renault, Nissan and Mitsubishi held 60 per cent when the JV was formed in 2013.