Already in May, the PPF group announced that it had sold the Russian Home Credit. However, the transaction was carried out in parts, and at the time five Russian investors owned 50.5 percent of the shares of the Russian Home Credit and Finance Bank (HCFB). PPF then sold the rest of the share gradually.
And according to a PPF press release on Wednesday, the remaining 49.5 percent stake, including some subsidiaries, has already been sold. A group of individual investors took over full ownership control of HCFB.
The most famous of them is Ivan Tyryshkin, who was previously the director of the Russian stock exchange RTS. Other investors are Ibragim Zagidulin, Elena Martynenko, Violetta Chaika and Dmitry Chemendryakov. Each of them currently owns 9.9 percent of the shares of the Russian Home Credit and Finance Bank.
The result of the transaction is the departure of PPF and the Home Credit group from the Russian banking market. “The transaction is in accordance with the regulatory conditions in force in the Russian Federation and was carried out in an orderly manner in order to ensure continuity for the employees and clients of HCFB Bank, which is showing stable economic results,” PPF said in a press release.