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PPF and Home Credit complete their sale of Russian banking assets
PPF and Home Credit announce the closing of the sale of their 100% ownership stake in Russia’s Home Credit & Finance Bank (HCFB), which included other subsidiaries. Full ownership control of HCFB has been taken over by a group of individual investors.
The remaining 49.5% stake was now divested. This follows the earlier acquisition of 50.5% in HCFB by the bank’s new shareholders who had already gained full control of the bank’s management at the time.
The outcome of the overall transaction is the divestment of PPF and Home Credit Group from the Russian banking market. The entire transaction – undertaken in full compliance with current regulatory requirements in Russia – has been conducted in an orderly manner to ensure continuity for Home Credit employees and customers, with the bank continuing to perform well.
