Auto Finance Bank

JSC Auto Finance Bank

File:Logo Auto Finance Bank.svg
Native name	АО Авто Финанс Банк
Formerly	JSC RN Bank
Company type	Subsidiary
Predecessor	CJSC Bank Siberia
Founded	5 September 2013
Headquarters	Moscow, Russia
Key people	Olga Bodnarchuk (chairman of the board)
Services	Banking
Revenue	₽11,527.03 million (2020)
Operating income	₽4,430.22 million (2020)
Net income	₽3,504.73 million (2020)
Total assets	₽106,255.87 million (2020)
Total equity	₽22,916.77 million (2020)
Parent	AvtoVAZ
Website	autofinancebank.ru/

Auto Finance Bank (), previously known as RN Bank () until July 2023, is a banking institution headquartered in Moscow and founded in 2013. It operates as a subsidiary of the Russian automobile manufacturer AvtoVAZ and focuses primarily on providing financing solutions for AvtoVAZ vehicle purchases.

The earliest financial entity affiliated with AvtoVAZ was AvtoVAZbank (), which functioned from 1988 until 1996. It was followed by Automotive Banking House, later rebranded as Lada-Credit (). From the late 2000s onward, AvtoVAZ collaborated with external financial institutions to support its financing needs. In 2006, RCI Banque commenced operations in Russia to finance Renault and Nissan vehicle sales. Established in 2013, RN Bank was a joint venture predominantly owned by UniCredit Bank Russia, with participation from RCI Banque and Nissan, aimed at financing sales for Renault, Nissan, and AvtoVAZ vehicles. In 2023, AvtoVAZ took full ownership and initiated a rebranding of the bank.

AvtoVAZbank

Founded in 1988 in Tolyatti, AvtoVAZbank served as the financial branch of AvtoVAZ and was among Russia’s pioneering commercial banks. Its founders included AvtoVAZ itself, Vnesheconombank, Sberbank, and Promstroybank (Russia). By 1995, AvtoVAZ held a controlling interest exceeding 30%, with additional stakes held by KamAZ at 16.4% and LogoVAZ, a car distribution company, at 18.6%. The bank managed substantial capital within the Volga region and invested across various sectors such as oil and publishing. It also operated an exclusive management training institution known as the International Academy of Business and Banking.

Following a critical crisis in the loan market during late 1995, AvtoVAZbank came close to shutting down; consequently, the Central Bank of Russia appointed temporary administrators in February 1996. AvtoVAZ undertook restructuring measures by transferring the management academy to the Tolyatti municipality and divesting certain assets. By mid-1996, limited dealings with AvtoVAZ recommenced; however, the bank no longer functioned as its primary financial institution.

In 1999, ownership shifted to the state-controlled Agency for the Restructuring of Credit Organisations (ARCO). In May 2001, ARCO’s shares were acquired by Globex holding based in Moscow; by July 2005, over 90% of Globex’s shares were held by five companies controlled by AvtoVAZbank’s management. Reflecting its separation from AvtoVAZ, the bank removed "AvtoVAZ" from its title in April 2007. It adopted the name Bank AVB in August 2008.

Despite these changes, financial challenges persisted; government authorities assumed control in July 2015 and placed the bank under Promsvyazbank for restructuring. The Central Bank of Russia took ownership of Bank AVB in May 2018. Ultimately, the bank was liquidated in 2019 with its assets transferred to Trust Bank.

Lada-Credit, Novikombank, and Associated Entities

At the beginning of 1996, during AvtoVAZbank’s market difficulties, AvtoVAZ formed a partnership with Tolyatti’s Rosestbank to serve as its primary financial supporter. Later that year, they established a new financial subsidiary by acquiring Volna, a Moscow-based bank that had been inactive since its founding in 1994. Volna was subsequently re-registered in Tolyatti, purchased by AvtoVAZ in 1997, and underwent a name change to CB Automotive Banking House LLC, before being renamed CJSC CB Lada-Credit in June 2009.

In June 2006, AvtoVAZ entered into a strategic alliance with Vneshtorgbank (VTB), whereby VTB assumed responsibility for managing AvtoVAZ's financial transactions and extending credit facilities. Two years later, in April 2008, AvtoVAZ established a similar cooperation agreement with Sberbank, which committed to financing investments for AvtoVAZ and its affiliated companies.

By 2006, AvtoVAZ had begun collaborating with Novikombank. In February 2009, it acquired a 20% ownership stake in Novikombank, and the following year Lada-Credit became a subsidiary of Novikombank. In August 2011, AvtoVAZ divested its share to Rostec. Lada-Credit continued operations until its banking license was revoked in October 2015.

RN Bank and Auto Finance Bank

The Renault-owned finance company RCI Banque commenced activities in Russia in early 2006 by launching loan programs for Nissan vehicles in partnership with International Moscow Bank (currently UniCredit Bank Russia) and Nissan’s Russian branch. Additionally, RCI Banque collaborated with UniCredit Russia and Avtoframos to develop financing options for Renault vehicle sales. RCI Banque also established a Russian subsidiary named RN Finance Rus, working alongside UniCredit Russia to provide loan products branded as Renault Credit, Nissan Finance, and Infiniti Finance.

CJSC Bank Siberia (Sibir), established in 1989 and headquartered in Omsk, became fully owned by Kazakhstan’s ATFBank in 2005. UniCredit Russia acquired the bank in September 2011. By 2012, initiatives were underway to designate Sibir as the financial institution supporting Renault and Nissan operations within Russia. In May 2013, Sibir shifted its registered office to Moscow and was officially re-registered as RN Bank on 5 September 2013. Ownership was transferred to the Dutch holding company Barn BV, with UniCredit holding a 40% share and RN SF Holding BV owning the remaining 60%, which was jointly controlled by RCI Banque and Nissan. In March 2018, UniCredit handed over its stake to UniCredit Russia.

Following UniCredit’s scale-down of its Russian presence in November 2022, plans surfaced for AvtoVAZ to acquire the entire stake held by Barn BV. This acquisition was finalized by AvtoVAZ in June 2023. Subsequently, the bank underwent rebranding to become Auto Finance Bank in July 2023, with the process completed by September.

Operations

Auto Finance Bank specializes in providing automobile loans for purchasing AvtoVAZ vehicles across Russia and extends financing solutions tailored for its dealer network along with related financial services. By 2021, RN Bank was responsible for financing approximately one-third of all vehicle sales within the Alliance brand portfolio in Russia.