Czech investment group PPF Group and its subsidiary Home Credit has sold 100% of its shares in the Russian-based Home Credit & Finance Bank (HCFB) and announced its departure from Russia, the company’s press office said.
The group sold its remaining 49.5 percent stake, with “full control” going to a “group of investors” that had previously acquired 50.5 percent in HCFB. “The result of the entire transaction is the exit of PPF and Home Credit Group from the Russian banking market,” the statement said.
The press-service specified that the transaction was carried out in accordance with the requirements of the Russian legislation, and on conditions of continuity for employees and clients.
The acquisition of 49.5% stake from Home Credit N.V. LLC “Home Credit and Finance Bank” said August 26, stressing that thus the credit institution has become fully Russian.
PPF Group announced in May that it had signed agreements to sell its assets and subsidiaries in Russia to a group of individual investors led by Ivan Tyrishkin, who is a co-founder and chairman of the board of directors of SPb Bourse.
At the end of May, investors bought 49.5 percent each in Home Credit Insurance and the microcredit company Kupi ne kopi. As Tyryshkin explained to Interfax at the time, due to the large number of conditions, the deal to sell HCFB assets was “stretched.
In October 2021, Vedomosti reported, citing sources, that PPF Group was looking for a buyer for its Russian bank Home Credit. The decision was made at the PPF Group level after the death of its founder Petr Kellner, who died in a helicopter crash in March 2021. “Vedomosti wrote about the interest in the deal of the Hungarian OTP Group, which owns a subsidiary OTP Bank and the microfinance company OTP Finance in Russia.