Home Credit Group, part of PPF Group, is in advanced talks to sell its operation in Russia, Belarus and Kazakhstan to Russia's state-owned VTB Group, reported bne magazine.
After Russky StandartHome, Credit and Finance Bank is the second biggest consumer loans operation in Russia.
Home Credit, owned by Czech billionaire Petr Kellner, is expected to sell 100% of the bank to VTB, as well as its operations in Belarus and Kazakhstan, though not those in Ukraine, which have been wound down since the crisis and only now hold some deposits, according to bne report.
bne quoted a PPF spokesperson as saying that while it is not surprising that Russian and international banks are interested in investing in Home Credit Bank in Russia, the country remains a priority market in his firm's investment strategy.
"In addition to the Home Credit Group, [PPF's] investments include Nomos Bank, the Eldorado electronics and home appliances chain and Polymetal, and it is currently considering further opportunities that will extend its presence in the country," the spokesperson said.