BNP to Offer Russian Consumer Credit With Sberbank, Echos Says

BNP Paribas SA (BNP) will form a joint venture with OAO Sberbank (SBER) to offer consumer credit in Russia, Les Echos reported, citing officials at the French bank.

The venture will be 70 percent owned by Sberbank and 30 percent by BNP’s Cetelem unit, the financial daily said.

To contact the reporter on this story: Gregory Viscusi in Paris at gviscusi@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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