PPF Group to further increase its stake in Nomos-Bank
PPF Group N.V. announces today that following previous plans to further enhance its shareholder value in Nomos-Bank, the agreement was signed with bank"s current shareholders on the increase of PPF Group"s stake in Nomos-Bank from 17.69% to 29.9%. PPF Group holds the stake in Nomos-Bank through its 100% subsidiary, Russia Finance Corporation B.V. (RFC). In line with the Russian legislation and administrative procedures RFC has obtained the approval of the Central Bank of Russia for this transaction. Transaction is expected to be closed until the end of April, 2008.
On 17 May 2007, PPF Group and Nomos-Bank have announced their plans to join forces in Russia, following the regulatory and antitrust approvals. During 2007, PPF Group gradually acquired up to 17,69% stake in Nomos via Russia Finance Corporation, associated with PPF Group. Based on detailed financial markets analysis, creation of universal banking group between Nomos and PPF Group’s Home Credit & Finance Bank is not further planned. PPF Group intends to be in the position of financial investor in Nomos-Bank, with a significant minority shareholding.