Mercedes-Benz has sold its Russian financial services division to local car dealer Avtodom as it moves closer to selling all of its Russian assets.law requires the go-ahead of Vladimir Putin to approve the sale of stakes in Russian finance or energy ventures. Putin signed an order on Monday approving Mercedes-Benz Bank Rus’s sale to Avtodom.
The Russian car dealer doesn’t plan to stop with the finance arm of the German car manufacturer. In fact, it hopes to purchase all ofRussian assets. This includes a factory outside Moscow where the company will aim to restart production. Government approval for this purchase could come by the end of February.
Mercedes-Benz’s move to sell its finance arm comes after it made a commitment last October to fully quit