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Press release

Cetelem, the consumer finance subsidiary of BNP Paribas, terminates its planned acquisition of a 50% stake in the company that controls Russian Standard Bank, which was announced on July 27, 2004. This is due to Mr Tariko and his group failing to comply with their commitments pursuant to the binding agreements signed on July 22, 2004.

BNP Paribas actively pursues all legal procedures initiated to protect its interests.

With a longstanding presence in the country through its Moscow base, BNP Paribas will continue to develop its franchise in Russia, which remains a priority market for the group.