Russian banker Igor Kim has recently acquired Volkswagen Bank Rus, previously the finance arm of the German automaker in Russia, according to federal tax documents. This purchase adds to Kim's expanding business portfolio, which includes the former Russian subsidiary of British bank HSBC.
Amid geopolitical tensions, many Western companies have withdrawn from Russia over the last three years. Western car manufacturers have ceased operations, leaving the market to be dominated by Chinese competitors.
In May 2023, Volkswagen finalized the sale of its local subsidiaries and a plant near Moscow to Russian investors for an undisclosed amount, rumored to be around 125 million euros ($131.1 million). President Vladimir Putin's decree in December 2024 authorized the sale of the banking arm, which was still under the ownership of Volkswagen Financial Services Overseas AG and Volkswagen Bank GmbH.
Kim acquired 45% of Volkswagen Bank Rus on February 25, with the remaining 55% held by ExpoMobility, a car leasing company he controls. The financial details have not been disclosed, and Kim's representative has not commented on the acquisition.
Following Kim's previous acquisitions of Volkswagen Financial Services Rus and Volkswagen Group Finance, his company Expobank, where he owns an 85.45% stake, purchased HSBC's Russian subsidiary in May 2024.
As economic and political landscapes evolve, the future trajectories of Western companies in Russia remain uncertain and subject to ongoing geopolitical shifts.