According to the press service of Home Credit Bank Kazakhstan, the bank is going to be sold to a group of top managers from the bank itself, PPF Group and the parent company Home Credit. The main goal of the deal is to guarantee the consistency of the bank’s business for Home Credit Bank’s employees and clients in Russia and Kazakhstan.
Under this plan, Home Credit Russia and its subsidiaries are going to be sold to a group of Russian retail investors. The leader of the group is Ivan Tyryshkin, former head of the Russian Trading System and a co-founder of Saint Petersburg’s stock exchange.
The first reports about PPF Group’s intention to sell Home Credit Bank, its main asset in Russia, went public in October last year. However, it wasn’t the very first attempt of the Czech owners to sell their Russian assets. In 2010, Vedomosti wrote that Home Credit Bank owners had negotiated with Sberbank and VTB about the sale but failed to make a deal.
In 2014, the Russian outlet Izvestia reported that Home Credit Bank could be sold for $1 billion.
At the beginning of the current year, Russian media reported that prominent billionaire Vladimir Evtushenkov wanted to acquire Home Credit Bank in Russia. They were very close to the deal, although no details were provided, according to a source, familiar with the matter.
As of April 1, 2022, Home Credit Kazakhstan with total assets of $1.1 billion was ranked 14th out of 22 commercial banks in Kazakhstan. The bank’s loan portfolio was more than $935 million. The volume of individual deposits in the bank was about $374 million, while company deposits reached $37.8 million.
Bank Home Credit has been working in Kazakhstan since 2005. In 2008, Irzhi Shmeyts and Home Credit B.V. acquired 90.01% and 9.99% shares of the International Bank of Alma-Ata respectively. In 2013, Russian Home Credit and Finance Bank became the sole owner of the Kazakhstani bank.
PPF Group operates in 25 countries. The group invests in multiple market segments such as financial services, telecommunications, biotechnology, real estate and mechanical engineering. As of June 30, 2021, the group had 80,000 employees and its assets were worth €40.3 billion in total. The company’s founder and majority shareholder Petr Kellner died in a helicopter crash in March 2021 in Anchorage, Alaska.
