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Czech investment group PPF quits Russian banking market

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Reuters UK

PRAGUE (Reuters) – Czech investment group PPF has agreed to sell its Russian banking assets to a group of investors, it said on Tuesday, joining the wave of European firms cutting their exposure to Russia following its invasion of Ukraine. The Home Credit and Finance Bank (HCFB) and its subsidiaries will be acquired by investors led by Ivan Tyryshkin, PPF said, without giving the price or other details of the transaction. Tyrishkin said in local media that the group acquired majority in HCFB. “My partners and I have bought 50% plus one share, for now we are not disclosing more information,” Ty…

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