Investment group

Czech investment group PPF leaves the Russian banking market

PRAGUE, May 17 (Reuters) – Czech investment group PPF has agreed to sell its Russian banking assets to a group of investors, it said on Tuesday, joining a wave of European firms cutting their exposure to the Russia after its invasion of Ukraine.

Home Credit and Finance Bank (HCFB) and its subsidiaries will be acquired by investors led by Ivan Tyryshkin, PPF said, without giving the price or other details of the deal.

Tyrishkin told local media that the group had acquired the majority in HCFB.

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“My partners and I bought 50% more one share, at the moment we are not disclosing more information,” Tyryshkin was quoted as saying by Frank Media, a publication specializing in Russian banks.

PPF’s consumer lender, Home Credit, was established in 1997. It entered the Russian market in 2002.

The Czech company’s Russian operations also include insurance, property management and industrial assets, which are not part of this deal.

One of HCFB’s subsidiaries, Bank Home Credit of Kazakhstan, will be sold to shareholders and some senior executives of PPF and Home Credit, PPF said.

In May, PPF appointed Jiri Smejc as chief executive from June 15, turning to the longtime investment partner of the late billionaire founder of the Czech company, Petr Kellner, who died last year. Read more

As of mid-2021, PPF held assets worth €40 billion ($42 billion), employing 80,000 people around the world.

($1 = 0.9567 euros)

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Reporting by Robert Muller, editing by Mark Potter and Ed Osmond

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