A joint venture between France-based automotive giant Renault’s financial subsidiary, RCI Banque, valued at $60.32 billion and Türkiye’s POCA Information Technologies on an insurance agency has been officially approved.
According to business-focused dunya.com, the Turkish Competition Authority greenlit the initiative, stating: “The process of establishing a joint venture to operate as an insurance agency between POCA Information Technologies Inc., currently indirectly controlled by Oyak Investment and RCI Banque SA, solely controlled by Renault SAS, has been approved.”
Renault Group, a global automotive leader with assets worth $126.88 billion, boasts an extensive portfolio ranging from trucks and tanks to agricultural equipment and aircraft engines.
The group’s financial operations are managed by RCI Banque, founded in 1974 to finance dealership sales and oversee cash flow for Renault’s European automotive production.
The Renault bank: A $60.32 billion financial powerhouse
RCI Banque’s operations in Türkiye will include services ranging from new financing to insurance products. As of 2020, the institution facilitated $18.51 billion in new financing and issued 4.6 million service contracts, including insurance products.
Recognized as one of Europe’s leading issuers of automobile loan asset-backed securities, RCI Banque holds assets worth $60.32 billion and generates annual profits exceeding $1.04 billion.
With nearly 1,000 employees, RCI Banque works with Renault group brands such as Renault, Renault Samsung Motors, Dacia, Lada and Alpine, as well as Nissan group brands—including Nissan, Infiniti, and Datsun—and Mitsubishi Motors in the Netherlands.
POCA: Trailblazer in Turkish FinTech
The Turkish partner in this venture, POCA, was established in 2021 and operates as a SuperApp, addressing diverse financial needs. Its offerings include money transfers, digital card transactions, bill payments, cashback campaigns, insurance services and instant credit solutions.
POCA is also among the first FinTech companies in Türkiye to obtain licensing for open banking infrastructure. In 2024, it became the first digital wallet to facilitate interbank money transfers. Earlier this year, in March, POCA was named the “Short Sponsor” for Fenerbahce Beko Men’s Basketball Team.
Renault’s longstanding presence in Türkiye includes production in Bursa through its collaboration with the OYAK (Armed Forces Pension Fund), as it has frequently led Türkiye’s export rankings in this sector.
Founded in 1899 by Louis Renault, the group is a cornerstone of the global economy and operates in nearly every segment of the automotive industry, despite being best known for its cars.
