PPF and Home Credit have signed an agreement with a group of individual investors, led by Ivan Tyryshkin, to sell their banking assets in Russia, including its subsidiaries. This means that the Home Credit Group is leaving Russia. PPF and Home Credit announced this in a press release on Tuesday. They did not disclose the price of the transaction.
“The acquisition of Home Credit and Finance Bank (HCFB) and its subsidiaries by the above-mentioned group means the Home Credit Group’s exit from the Russian market.” confirmed PPF in a press release.
As part of the transaction, the Kazakh Bank Home Credit, which is a subsidiary of HCFB, will be sold to shareholders and managers from the PPF and Home Credit groups. The transaction will take place in accordance with applicable law, in order to ensure continuity for Home Credit employees and clients in Russia and Kazakhstan.
“HCFB and its subsidiaries are performing well and operating in accordance with the regulatory and legal conditions in force in the Russian Federation and the Republic of Kazakhstan. The transaction price will not be disclosed by agreement between the two parties,” PPF said.
According to PPF, Tyryshkin contributed to building the foundations of modern financial markets in Russia as CEO of RTS. He has also invested in a number of leading Russian fintech companies and is one of the founders of the SPB stock exchange. He now heads its board of directors and is one of the major shareholders of this stock exchange, which is one of the largest platforms for public trading of fintech companies in the region.
Home Credit is one of the world’s leading providers of consumer loans with a focus on emerging markets. It operates in nine countries in Asia, Central and Eastern Europe and the former Soviet Union. He started working in Russia in 2002, two years later he penetrated into China, then into Vietnam, Kazakhstan, India, Indonesia and the Philippines.
PPF Financial Group operates in 25 countries in Europe, Asia and North America. It invests in financial services, telecommunications, media, biotechnology, real estate and engineering.
The group includes, for example, the installment company Home Credit, the real estate group PPF Real Estate Holding, Air Bank, the telecommunications companies Cetin and O2, the media company Central European Media Enterprises (CME), the engineering company Škoda Transportation or the toll operator in the Czech Republic CzechToll.
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