Czech PPF selling Russian banking assets to local investor group, retains bank in Kazakhstan

MOSCOW. May 17 (Interfax) - PPF Group and Home Credit have entered into an agreement on selling their banking assets and subsidiaries in Russia to a group of Russian individual investors led by former head of the RTS, Ivan Tyryshkin, the Czech group said in a statement.

The Kazakh Home Credit bank, a subsidiary of the Russian HCF bank, will be sold to shareholders and several senior managers of PPF and Home Credit as part of the deal.

"The deal will be conducted in an orderly and structured manner in order to ensure business continuity for Home Credit employees and customers in Russia and Kazakhstan," the group noted.