21st Dec 2009 15:14
Changes to structure of Russian joint venture
21 December 2009 - Experian, the global information services company, announces that the Savings Bank of the Russian Federation (Sberbank), has acquired a 50% stake in the Experian-Interfax bureau in Russia. Under the new terms agreed, Experian and Interfax will each hold 25% of the venture and Sberbank will hold 50%.
The joint venture will combine the capabilities of Sberbank, Russia's biggest bank, Experian, the world's leading credit bureau operator and Interfax, the leading information agency in Russia. With the addition of data from Sberbank, the number of credit agreements in the bureau will nearly double to 23m.
This new combination represents a further step in Experian's strategy to develop its credit bureaux footprint in high growth emerging markets globally. The joint venture will benefit from enhanced data coverage, market-leading technology and a leading position in the Russian market. In addition, the joint venture will provide a platform for the further deployment of value-added products in Russia, to provide clients with enhanced credit risk and fraud management.
As of 30 November 2009, the joint venture company had gross assets of US$1m.
Contact:
Experian
Nadia Ridout-Jamieson Director of Investor Relations +44 (0)20 3042 4215
Finsbury
Rollo Head +44 (0)20 7251 3801
Nick Woodruff
Experian announcements are available on www.experianplc.com
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