“The loss stems from the withdrawal of Home Credit from the Russian market. In this context, for me, it represents an expression of good morals rather than a failure,” said Jiří Šmejc, CEO of PPF Group, of the results.
PPF and its Home Credit company announced in early September that it had completed the sale of the remaining 49.5% stake in Russia Home Credit & Finance Bank (HCFB), including some subsidiaries. It meant the exit of PPF and Home Credit Group from the Russian banking market. A group of individual investors took full ownership control of HCFB.
Telecommunications companies O2, Yettel and Cetin, media holding company CME and transport equipment maker Škoda Group all made profits in the first half of this year, according to the PPF. “PPF Group banks and consumer credit providers under the Home Credit brand in Europe, Central Asia, South and Southeast Asia also performed well. China remains the only market where problems persist due to the anti-covid measures,” added PPF.
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Economic
PPF Group made several key transactions last year and this year, such as the sale of its 40% stake in Mall Group, its 30% stake in CETIN Group (retaining a majority controlling stake) or the sale of Indonesian and Filipino Home Credit with total proceeds of more than three billion euros (73 billion CZK).
PPF announced in late November that consumer lender Home Credit is selling its assets in the Philippines and Indonesia for about 615 million euros (about 15 billion kroner). The buyer is a consortium of subsidiaries of Japanese financial group Mitsubishi UFJ Financial Group – MUFG Bank, Thai Krungsri Bank and Indonesian consumer loan provider Adira.
The PPF Group operates in 25 countries. It invests in a broad range of sectors, from financial services to telecommunications, media, biotechnology, real estate and engineering. PPF operates in Europe, Asia and North America. The group has assets of €40.13 billion (CZK 975 billion) and employs 70,000 people worldwide.
PPF and Home Credit are definitively exiting the Russian market
Economic
