Czech investment group PPF quits Russian banking market

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

The 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 transaction.

Tyrishkin said in local media that the group acquired majority in HCFB.

“My partners and I have bought 50 plus one share, for now we are not disclosing more information,” Tyryshkin was quoted as saying by Frank Media, a Russian banking focused publication.

PPFs consumer lender Home Credit was established in 1997. It entered the Russian market in 2002.

The Czech companys Russian operations also include assets in insurance, property management and industry, which are not part of this deal.

One of HCFB subsidiaries, Kazakhstans Bank Home Credit, will be sold to shareholders and selected top managers of PPF and Home Credit, PPF said.

PPF in May named Jiri Smejc as its new chief executive from June 15, turning to the longtime investment partner of the Czech companys late billionaire founder, Petr Kellner, who died last year.

As of mid2021, PPF held assets worth 40 billion euros 42 billion, employing 80,000 people across the world.