PPF agrees to sell its Home Credit Bank Kazakhstan operations
PPF Group and shareholders today announced that they have reached an agreement with ForteBank in Kazakhstan to sell 100% of Home Credit Bank Kazakhstan and associated businesses.
The agreement has been reached for an undisclosed consideration and is subject to customary regulatory approvals in Kazakhstan.
“Since launching back in 2005, Home Credit Bank Kazakhstan has developed into one of the leading banks of its kind in the country,” said Kateřina Jirásková, Chair of PPF Financial Holdings and incoming co-CEO of PPF Group. “In that time, the bank has served millions of Kazakhs and today marks a new chapter in the story of this business, which I am confident will continue to grow and thrive under new ownership. Today’s announcement is also further evidence of PPF’s continued strategic shift towards Western markets.”
Home Credit has operated in Kazakhstan since 2005 and was the fourth market to expand for PPF Group’s financial services subsidiary, following its founding in 1997 in the Czech Republic. Home Credit started operating in the country as a fully licensed bank specialising in consumer finance. Home Credit is a long-term leading player in the POS-loans segment.
ForteBank is a leading operator in the Kazakh banking and financial services sector. Founded in 2015, it is listed on the Kazakhstan Stock Exchange (KASE).
