PPF and Home Credit announced that they are selling their Russian banking assets and subsidiaries to a group of individual investors led by St. Petersburg Exchange co-founder Ivan Tyryshkin.
The report notes that “the acquisition by the above investors of the Home Credit and Finance Bank group (HCF Bank) and its subsidiaries will lead to Home Credit leaving the Russian market.”
Ivan Tyryshkin was elected Chairman of the Board of Directors of the SPB Exchange in March, of which he has been a member since 2012. The PPF report notes that he “played an important role in shaping the foundations of the modern Russian financial market as CEO of the RTS stock exchange.”
The SPB Exchange website states that Tyryshkin “headed the key department of the FCSM - the department for regulating professional participants in the securities market, and later, in 1998, served as chairman of the board of NAUFOR, which was able to successfully pass the default year of 1998, expand the scope of activities, maintain its independence “.
In turn, the Kazakh bank Home Credit (a subsidiary of HCF Bank) will be sold to shareholders and some top managers of PPF and Home Credit, the statement said. The transactions will be conducted “in an orderly and structured manner to ensure the continuity of employees and customer service for Home Credit in Russia and Kazakhstan,” PPF said.
