Russian businessman interested in buying Mitsubishi's leasing firm

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Russian businessman interested in buying Mitsubishi's leasing firm

Igor Kim could buy the leaser firm of another car maker that has exited Russia - source said.

Sept 22 - Igor Kim, a businessman who has built up a portfolio of leasing and manufacturing assets over the past year, including the Russian subsidiaries of CNH Industrial and Volvo, is now interested in buying MC Intermark Auto, a Russian leasing firm associated with Mitsubishi, a market source told Interfax.

The sources said Kim's ExpoCapital fund might buy Mitsubishi's leasing subsidiary. LLC IFS Investments in February acquired LLC Industrial Financial Services, the leasing and factoring company of farm machinery manufacturer CNH Industrial, which use to be LLC Industrial Financial Services Russia and LLC IFS Capital, formerly LLC CNH Industrial Capital Russia.

In early autumn, Kim gained control over the Russian subsidiaries of Swedish truck and special equipment manufacturer Volvo. Kim and other companies controlled by him received direct ownership of LLC Stokov Construction, formerly LLC Volvo Construction Appliance Vostok, LLC Stokov Financial Services, formerly LLC Volvo Finance Service Vostok and LLC Stokov Finance, formerly Volvo Finance Vostok, controlled by this company. At the beginning of autumn, Alexei Sannikov, Kim's business partner in the auto retail industry and first deputy CEO of the businessman's Expobank, was overseeing the Volvo Trucks plant in Kaluga.

The Russian industry and trade minister has confirmed that Volvo's Russian assets have been transferred to a local investor. While efforts continue to restart Kaluga site as soon as possible, the ministry has said.

MC Intermark Auto, which was founded in 2004, was Russia's operating lease pioneer. The company had a fleet of over 2,000 vehicles in 150 towns and cities. In 2019, MC Intermark Auto became a partner of Mitsubishi Corporation.

MCIA's revenue rose 60% in 2022 to 3.6 billion rubles, and net profit rose 5.4-fold to 431 million rubles. Its sole owner is the BVI-registered Intermark Leasing.