As part of the transaction, the Kazakh Bank Home Credit, a subsidiary of HCFB, will be sold to shareholders and managers of the PPF and Home Credit groups. The transfer will take place in accordance with applicable law, in order to ensure continuity for Home Credit employees and clients in Russia and Kazakhstan.
“HCFB and its subsidiaries are performing well and operating in accordance with the regulatory and legal conditions in force in the Russian Federation and the Republic of Kazakhstan. The price of the transaction will not be published after the agreement of both parties, “said PPF.
According to PPF, Tyryshkin has made a significant contribution to building the foundations of modern financial markets in Russia as CEO of the RTS Exchange. He also invested in a number of leading Russian fintech companies, which he was able to develop. He is one of the founders of the SPB stock exchange. He now heads its board of directors and is one of the major shareholders of this stock exchange, which is one of the largest platforms for public trading of fintech companies in the region.
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 installment 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 or the toll operator in the Czech Republic CzechToll.
The situation on the Russian market is increasingly hostile to any Western companies, the program said Business ČT24 Natland chief economist Petr Bartoň. At the same time, according to him, Western companies may find themselves at a crossroads, whether with reputational risk due to the fact that they continue to engage in Russia, or with methods of financing.
According to the expert, it is difficult to say uniformly why companies are leaving the Russian market. Withdrawals have different causes for different companies. In the case of the PPF Group, this is either based on other investors or on the reputation of its customers. He cited L’Oreal as an example, which faced great pressure from its customers. “Apple is leaving because it is unable to get its technology there. McDonald’s, in turn, has a business based on owning branches, and that is a long time before it can sell them, “he said.