Czech investment group PPF quits Russian banking market

PRAGUE (Reuters) - Czech investment group PPF has agreed to sell its Russian banking assets to a group of investors, it said on Tuesday, joining the wave of European firms cutting their exposure to Russia following its invasion of Ukraine.

The Home Credit and Finance Bank (HCFB) and its subsidiaries will be acquired by investors led by Ivan Tyryshkin, PPF said, without giving the price or other details of the transaction.

Tyrishkin said in local media that the group acquired majority in HCFB.

"My partners and I have bought 50% plus one share, for now we are not disclosing more information," Tyryshkin was quoted as saying by Frank Media, a Russian banking focused publication.

PPF's consumer lender Home Credit was established in 1997. It entered the Russian market in 2002.

The Czech company's Russian operations also include assets in insurance, property management and industry, which are not part of this deal.

One of HCFB subsidiaries, Kazakhstan's Bank Home Credit, will be sold to shareholders and selected top managers of PPF and Home Credit, PPF said.

PPF in May named Jiri Smejc as its new chief executive from June 15, turning to the long-time investment partner of the Czech company's late billionaire founder, Petr Kellner, who died last year.

As of mid-2021, PPF held assets worth 40 billion euros ($42 billion), employing 80,000 people across the world.

($1 = 0.9567 euros)

(Reporting by Robert Muller,; Editing by Mark Potter and Ed Osmond)