BNP Paribas may partner with Russia’s Aton Capital
BNP Paribas may be looking to expand further into the Russian market by partnering up with local financial company Aton Capital, according to local press reports.
The French bank has already formed a number of joint ventures in Russia over the past few years.
In 2009, Russian Railways became one of the shareholders in TKB BNP Paribas Investment Partners, the Russian arm of the French bank’s fund management business.
In September, Russia’s largest bank Sberbank bought 70% of BNP Paribas SA’s consumer finance unit in Russia. The remaining 30% of the business has been retained by Cetelem, a BNP Paribas brand.
TKB BNP Paribas Investment Partners has been present on the Russian fund management market since 2002 and has grown to become one of the largest asset managers in the country, offering the widest range of mutual funds.
Local news source RBC Daily quotes sources saying BNP Paribas is now in talks with Aton Capital to create a joint venture.
No details of the agreement could be learnt and both companies have declined to provide comments.