Putin signed a decree authorizing the sale of a Mercedes Benz bank in Russia to Avtodom
Russian President Vladimir Putin has signed an executive order authorizing Russian dealer Avtodom to buy a Mercedes-Benz subsidiary, Mercedes-Benz Bank Rus. Document published on the official portal of legal information.
Mercedes announced its withdrawal from the Russian market on October 26. The company decided to sell Avtodom shares in local subsidiaries, including a plant in the Moscow region and a bank. To complete the transaction, permission from the president was required.
Mercedes-Benz Bank Rus has been operating in Russia since 2007, lending to individuals, legal entities and individual entrepreneurs for the purchase of cars in official Mercedes-Benz dealerships.
Avtodom Group specializes in the sale and maintenance of premium and luxury cars. After the deal was made public, the company said it plans to do everything possible to maintain Mercedes service in Russia.
Having learned about the planned deal, the Ministry of Industry and Trade promised Avtodom to select a technology partner to start producing cars at a plant in Esipovo near Moscow. Deputy Prime Minister, head of department Denis Manturov expects Avtodom to attract industrial partners, since the company itself is not a manufacturer, but “can sell and serve.”
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