SOCHI, September 19 (RIA Novosti) -Russia's Sberbank CEO reaffirmed on Saturday that the state bank's deal with Austrian-Canadian parts supplier Magna to buy a stake in Opel was about car technology exports to Russia.
"Our participation in the deal is over technology imports," German Gref told reporters on the sidelines of an international investment forum in the Black Sea resort Sochi, which is to host the 2014 winter Olympics. "If they do not take place, we are wasting our time."
The Magna-Sberbank consortium will own a 55% stake in Opel on a parity basis, and the German carmaker will control 10% with GM retaining 35%. The new owners are set to leave the Opel plants in Germany intact, but plan to close two European production sites, including one in Belgium.
Asked whether bankrupt IzhAvto and GAZ Group could be chosen to assemble Opel vehicles, Gref said that Sberbank and Magna experts are now carrying out an audit of Russian facilities, including those "facing difficulties."
Gref said a plan of investment in Russia's car industry would be approved after a visit to Moscow by Magna officials due next week.
Magna co-CEO Siegfried Wolf said on Monday Opel would invest $874 million in the Russian car industry. He said $248 million would be spent on a program to develop the General Motors plant in St.Petersburg.
