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M&A: Russia's HCF Bank is not going on sale

Home Credit B.V. is authorized by its ultimate beneficiaries to absolutely refute allegations published in the Izvestia newspaper that it is preparing a sale of the Russian Home Credit Bank (HCF Bank), Home Credit informed.

"The Board of Directors of Home Credit has not discussed any plans to sell our Russian bank. Rumours about it being put up for sale are not based on facts. Such insinuations are absolutely groundless, and their publication in the media may be aimed at damaging the bank's position in the market. Either the alleged 'bank insider' sources being quoted in the Izvestia article are deliberately lying or these quotes were simply fabricated by the journalists," said Jir mejc, CEO of Home Credit Group and one of the shareholders of Home Credit B.V.

The Home Credit B.V. Holding shareholders have authorized the CEO to confirm their strong commitment to developing Home Credit Bank as an integral part of the Russian banking system.

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 Jir mejc (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 worth over EUR 10.1 billion.

Net profit of Home Credit and Finance Bank LLC for 2013 net of events after the balance sheet date decreased twice to RUB 7.829 billion from RUB 16.399 billion the year before, pre-tax profit by 43.9% to RUB 11.671 billion from RUB 20.822 billion.

"AK&M", 22.05.2014


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