PPF minority shareholder may obtain 10% of Home Credit
PRAGUE. June 6 (Interfax) - Minority shareholder of the Czech group PPF Jiri Smejc, who is responsible for the group's business in Russia, may obtain around 10% of shares in bank holding company Home Credit after he sells his 5% in PPF to the other partners.
Smejc told the press at a press conference in Prague that his withdrawal from PPF would end either at the end of this month or in September, depending on what scenario the process took.
Smejc plans to focus on development of the banking business. He will first obtain a share in the Home Credit group, the main business of which is Russian wholly owned subsidiary HCF Bank . Then he plans to obtain direct management of the banking business. Jean-Pascal Duvieusart, who owns 0.25% of PPF shares, is to take charge of PPF business in Russia.
The second phase of the plans will see Smejc become a shareholder of the other bank assets, among which are Nomos Bank , Greece's Piraeus Bank and Air Bank. All the PPF banking business will be consolidated in the Home Credit structure. Bank subsidiaries in China and Vietnam, which are currently on the PPF balance sheet, will be transferred to Home Credit.
The PPF Group and Smejc will be business partners. "The aim of this partnership is to achieve further business growth and the long-term successful management strategy that combines full ownership and management control of assets with strategic investments, made with key partners, remains in force," Smejc said
He said his 5% stake in the PPF group would be sold to current shareholders - majority shareholder Peter Kellner, as well as Ladislav Bartonicek and Duvieusart.
Asked about plans for Nomos Bank, Smejc said the PPF group planned to keep a blocking stake in this bank. As to HCF Bank, he said that talks had been held with VTB about a sale, but PPF shareholders are "happy they did not come to anything, because they would have lost out on the price." Smejc said VTB did not believe the bank would achieve the results predicted but it was even able to exceed these.
