PPF Group and Home Credit have signed an agreement with individual investors led by Ivan Tyrishkin to sell their banking assets in Russia, including subsidiaries. This marks the exit of Home Credit Group from the Russian market. PPF and Home Credit announced a press release on Tuesday.
PPF has thus divested a significant majority of its assets in Russia. It is left with PPF Life Insurance and commercial real estate.
“The transaction will be carried out following applicable law to ensure continuity for Home Credit’s employees and clients in Russia and Kazakhstan,” PPF said in a press release.
The two groups declined to disclose the transaction price by mutual agreement.
Ivan Tyrishkin is the former CEO of the Moscow-based RTS exchange, which trades in dollars. In addition, he is also one of the founders of Russia’s second-largest stock exchange, SPB, where he currently heads the board of directors, PPF added.
PPF Financial Group operates in 25 countries in Europe, Asia, and North America. It invests in financial services, telecommunications, media, biotechnology, real estate, and engineering.
The group includes, for example, the repayment company Home Credit, the real estate group PPF Real Estate Holding, Air Bank, the telecommunications companies Cetin and O2, the media company Central European Media Enterprises (CME), the engineering company Škoda Transportation, and CzechToll.