PPF is reportedly looking for a buyer for the activities of its credit company Home Credit in Russia

Updates: 11.10.2021 20:16

Moscow / Prague – The Czech investment group PPF is looking for a buyer for the activities of its credit company Home Credit in Russia, the Hungarian banking group OTP has already shown interest. The Lidovky.cz server informed about it today with reference to the website of the Russian consulting company Frank Media. However, according to the server, PPF called this information speculation.

According to one of Frank Media’s sources, the decision to sell Russian activities was made shortly after the death of PPF founder Petr Kellner. He died in March of a helicopter crash in Alaska. Another source states that the Hungarian OTP is already carrying out an in-depth inspection of its activities. According to Frank Media, the transaction will become one of the largest private merger and acquisition agreements in the Russian banking market.

The Home Credit Group, which provides consumer loans, was founded in 1997. It operates in nine countries in Asia, Central and Eastern Europe and the former Soviet Union. Last year, it reported a loss of 584 million euros (14.8 billion CZK), while the year before it had a profit of 400 million euros. The reason for the loss was a pandemic situation. In September, Bloomberg reported that the family of the late Kellner was considering other options for Home Credit.

PPF invests in a number of industries, from financial services to telecommunications, media, biotechnology, real estate to engineering. PPF operates in Europe, Asia and North America, and has its corporate ownership and management structure in the Netherlands. Until his death, the majority owner of PPF Group, NV was the richest Czech, Kellner, who, according to the company’s annual report, controlled 98.93 percent of PPF. The widow Renáta Kellnerová was appointed administrator of his estate.

Source: České noviny – hlavní události by www.ceskenoviny.cz.

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