HCF Bank may securitize 22 bln rubles in consumer loans
MOSCOW. Aug 7 (Interfax) - The Russian Federal Antimonopoly Service (FAS) has approved a request by Dutch company Ruconfin B.V. to acquire 22 billion in LLC HCF Bank assets, which on March 31 amounted to 13.07% of the bank's assets, the regulator said in a press release.
HCF Bank told Interfax that the bank obtained permission from FAS to carry out a series of deals over one year to raise funding by selling 22 billion rubles worth of assets (consumer loans).
"The loans will be acquired by Dutch company Ruconfin, which plans to raise funds to buy the HCF Bank loans on international capital markets. During the term allocated by FAS the bank will decide on the expediency of such deals, their terms and amounts," the bank said.
HCF Bank in 2005 securitized 126.5 million euros in consumer loans and 8.2 billion rubles worth in 2007.
The bank also in 2009 sold a portfolio of 1.8 billion rubles worth of mortgage loans with mandatory buyback and in December 2011 - January 2012 it completed to deals to sell 549 million rubles in mortgage loans.
HCF Bank is wholly owned by Home Credit Group, which is controlled by Czech billionaire Petr Kellner's PPF Group. The bank was ranked number 30 by asset value (189.6 billion rubles), 14 for retail deposits and fifth for its retail loan portfolio (153.7 billion rubles) in the Interfax-100 review of Russia's banks in the first half of 2012.
