PPF and Home Credit announce agreement to sell their Russian banking assets

PPF and Home Credit announce the signing of an agreement to sell their Russian banking assets and their subsidiaries to a group of individual investors led by Ivan Tyryshkin.

The acquisition of Home Credit and Finance Bank (HCFB) and its subsidiaries by the aforementioned group will lead to a divestment of Home Credit Group from the Russian market.

Ivan Tyryshkin was instrumental in forming the foundations of Russia’s modern financial markets as CEO of RTS Stock Exchange. Having invested in and developed a number of leading fintech companies in Russia, Ivan is one of the founders of SPB Exchange, and is now the Chairman of its Board of Directors as well as one of its major shareholders. SPB Exchange is one of the region’s leading listed fintech platforms.

As part of the transaction, Bank Home Credit of Kazakhstan, a subsidiary of HCFB, will be sold to shareholders and certain senior executives of PPF and Home Credit.

This transaction will be conducted in an orderly and structured manner to ensure continuity for Home Credit employees and customers in Russia and Kazakhstan. HCFB and its subsidiaries operate efficiently and in compliance with the regulatory and legal environment in force in Russia and Kazakhstan.