Auchan Considers Setting Up Own Bank in Russia

France’s Auchan hypermarket chain is considering setting up its own bank in Russia to handle growing business in the country and credit its customers without intermediaries, Kommersant business daily reported on Tuesday.

“Auchan has reached a serious level of development in Russia as there is a considerable turnover of cash and non-cash payments in the chain. It would be a reasonable decision if the group consolidates all its cash flows in its own bank,” Yevgeni Trusov, head of the bank consulting department in NEO Centre Consulting Group, told the paper.

Auchan plans to file documents to Russia’s central bank for a banking license in June 2012 and hopes to launch the project in early 2013, a source close to the company told Kommersant.

The group has been discussing the issue for several years but concrete terms of the project have not been worked out yet, the Auchan press service told the paper.

As for now, Auchan cooperates with Credit Europe Bank to provide banking services for its customers.


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