Rebranded: Volkswagen Bank Russia Transforms into Pine Bank
Businessman Igor Kim successfully establishes Pichta Bank.
Step into a new era as Volkswagen Bank Russia, formerly associated with the automobile titan, has metamorphosed into Pine Bank. Recent reports by Sostav suggest a significant shift, with the bank now under the control of entrepreneur Igor Kim, who also owns Eximbank. Previously, we reported on his acquisition of 45% of the bank's shares and an additional 55% through his controlled company "ExpoMobility."
Originally founded in 2010 as the financial wing of Volkswagen, focusing on auto loans, "Volkswagen Bank Russia" has amassed considerable assets and capital. As of 2024, the bank's assets stood at a staggering 24 billion rubles, while its capital was a robust 23.6 billion rubles.
Despite a new identity, "Pine Bank" assures that existing contracts will remain intact. This means that no re-registration is necessary for these ongoing agreements, as per the statement from the revamped bank.
Igor Kim, a keen investor, has grabbed the limelight purchasing multiple substantial assets from departing foreign companies, such as the Russian subsidiaries of Volvo in September 2023. These acquisitions encompassed the leasing subsidiary "Stockholm Construction" LLC, four service platforms, and the Volvo Trucks plant in Kaluga, as we previously disclosed.
Moreover, Kim's partners took ownership of the leasing and factoring subsidiaries of Volkswagen in Russia - LLC "Volkswagen Financial Services Russia" and LLC "Volkswagen Group Finance." In 2024, Eximbank acquired LLC "HSBC Bank (RU)" - the Russian subsidiary of the British banking giant HSBC.
Intriguingly, the renamed Russian subsidiary of HSBC, now under Kim's stewardship, is christened "Spruce Bank."
Recently, the chairperson of the State Duma Committee on the Financial Market, Anatoly Aksakov, hinted at a "secret meeting" between Russian and European business representatives, including those from the financial sector. He suggested that foreign financiers expressing interest in the Russian market might return if relations between Russia and the West normalize.
As always, stay tuned for more updates on the ever-evolving world of finance and business!
I'm not sure if the new owner, Igor Kim, will expand Pine Bank into other industries such as finance, aerospace, or business, like he did with Eximbank and the Russian subsidiaries of Volvo and HSBC. Anatoly Aksakov, the chairperson of the State Duma Committee on the Financial Market, indicated a potential return of foreign financiers to the Russian market, which could include investors from the sectors Kim is interested in.
