Sberbank of Russia agreed to purchase a 20.8% stake in Cetelem Bank LLC from BNP Paribas Personal Finance SA unit Leval 20 SAS and will become Cetelem's sole shareholder after the transaction is finalized.

The deal will be closed after securing approvals from French and Russian regulators, Sberbank said Oct. 15.

The transaction is the result of arrangements between Sberbank and BNP Paribas Personal Finance in 2012, when they formed a joint venture majority owned by Sberbank.

BNP Paribas SA is the ultimate parent of BNP Paribas Personal Finance and Leval 20.