11 Apr 22

ALD no longer taking on new business in Russia

ALD suspends activities in Russia, Kazachstan and Belarus

ALD has announced this Monday that it is no longer taking on new business in Russia and two neighbouring countries. The full text of the press release reads: “In the context of Société Générale's announcement today regarding its activities in Russia, ALD Automotive OOO, which operates in Russia and through its branch in Kazakhstan, and ALD Belarus LLC no longer conclude any new commercial transactions.” ALD confirms that current contracts will continue to be honoured. 

The announcement comes on the heels of a statement by ALD’s parent company Société Générale that it would cease its banking and insurance activities in Russia. The French banking group also announced that it would sign a sale and purchase agreement to sell its entire state in Rosbank and the Group’s Russian insurance subsidiaries to Interros Capital, the previous shareholder of Rosbank.

Société Générale says it has been working on this deal for the past weeks in order to ensure an orderly exit from the Russian market. The deal is expected to close in the next few weeks. 

Image: Shutterstock

Authored by: Frank Jacobs