BNP
Paribas has decided not to go ahead with its
proposed expansion into the Russian consumer
credit market, via its subsidiary Cetelem, which
was announced in July 2004.
Cetelem was due to acquire progressively a 50%
stake in the holding company that controls Russian
Standard Bank (RSB), the leading consumer credit
company in Russia.
As RSB has not fulfilled its obligations, BNP
Paribas has decided to call a halt to the proposed
deal.
