Rosbank and Rusfinance Bank successfully completed transformation of Societe Generale car loan business in Russia
The transformation process of Societe Generale car loan business in Russia began in October 2014 and has lasted for three phases. Car lending has been successfully transferred to the points of sales from Rosbank to Rusfinance Bank in July 2015.
According to the Strategy of Societe Generale Group retail banking development in Russia for 2014-2017, Rosbank becomes the key universal bank of Societe Generale focusing on the complex daily banking transactional servicing. Rusfinance Bank centralizes and manages the relationship with car makers and dealers. At the same time, Rosbank will propose car loans to its customers in its outlets.
As of June 30, 2015, SG Russia (includes Rosbank and Rusfinance) share of loans for new cars amounted to 7.4% of total sales volume on the Russian car loans market, reaching its historical peak since June 2013. This figure is 1.7% higher than in May this year and 2% higher than the result of June 2014.
Alexis Lacroix, Rosbank Deputy CEO: “SG Russia high performance in terms of car lending was determined by the consistent implementation of the policy for the integration of the Group’s entities. Following of the new model we contribute to further strengthening of synergies between Rosbank and Rusfinance Bank in the area of car lending. In addition this model will increase the Group's share on the Russian car loans market, as well as the development of new attractive offerings to our customers”.
Sergei Ozerov, Rusfinance Bank CEO: “Despite the economic volatility, Societe Generale keeps maintaining a leading position on the Russian car loans market with a significant volume of good quality portfolio. The volume of car loans total portfolio issued by Rosbank and Rusfinance Bank in June 2015, amounted to 4.6 billion rubles, showing 37% growth over the result of May this year”.
As of August 1st, 2015, Rosbank and Rusfinance Bank took the 2nd place among Russian car loan banks in terms of car loan portfolio according to Frank Research Group rating.