Russia's Home Credit and Finance Bank will acquire 100% of the joint-stock company Home Credit Bank (Kazakhstan). Home Credit Group informed.
The deal was approved by the authorized regulatory authorities.
Consolidation of the Russian and Kazakhstan assets will ensure a business synergy, Ivan Svitek, Chairman of the Board at Home Credit Bank was quoted as saying in the bank's statement.
Home Credit and Finance Bank LLC (HCF Bank, tax number: 7735057951) opened in 2002 acquiring 98% of shares of the bank Tekhnopolis established in 1990. The authorized capital of HCF Bank is RUB 4.173 billion.
The owner of the bank is PPF Group, a private financial corporation of Czech Republic which is among the largest companies of Central and Eastern Europe engaged in insurance, investment and banking businesses. Its owners are Petr Kellner (95%) and Jirí Šmejc (5%). The group includes Ceska pojistovna, the pension fund CP, Home Credit Group, PPF Banka and other companies specializing in the comprehensive asset management. PPF manages assets for over 10.1 billion Euro worth.
Net profit (IFRS) of HCF Bank for 2011 increased by 14.3% to RUB 10.754 billion against RUB 9.411 billion in 2010. Net profit (IFRS) of the bank for 9 months 2012 increased by 46.2% year-on-year to RUB 12.1 billion.