PPF and Home Credit decide to sell their banking assets and subsidiaries in Russia

The PPF Group, which includes Home Credit Bank, has decided to sell its banking assets in Russia to a subsidiary of a group of investors led by Ivan Tyryshkin, the former head of the Russian Trading System. About reported on the company’s website.

PPF noted that the sale of assets would result in the Home Loan group exiting the Russian market. The amount of the transaction is not specified in the document.

The press release also stated that the Kazakh bank Home Credit will also be sold under the agreement. Also, the transaction will take place in an orderly and structured manner.

PPF Group is an international investment and finance group. The holding company of the group, PPF Group NV, is registered in Amsterdam. The organization was established in 1991. It operates in sectors such as banking, insurance, energy, agriculture, mining, retail and real estate.

May 7 Financial Times reportedHe said banks in Europe and the United States would incur billions in losses if they reduce their activities in Russia or exit the Russian market. According to the Financial Times, Western banks collectively have $86 billion in investments and approximately 40,000 employees in Russia. According to the publication, estimated losses could exceed $10 billion.

Source: Gazeta


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