OREANDA-NEWS PPF Group, which includes Home Credit Bank, has decided to sell its banking assets in Russia to a subsidiary of a group of investors headed by the former president of Russian Trading System Ivan Tyrishkin, according to Gazeta.ru.

PPF noted that the sale of assets will lead to withdrawal of the group "Home Credit" from the Russian market. The amount of the deal is not specified in the document.
The press release also added that within the framework of the agreement there will be also sold Home Credit Bank of Kazakhstan. In addition, the transaction will take place in an orderly and structured manner.

PPF Group is an international investment and financial group. The organization was founded in 1991. It is engaged in such sectors as banking, insurance, energy, agriculture, mining, retail and real estate.

On May 7 the Financial Times reported that banks in Europe and the United States would suffer billions in losses if they curtailed their activities in Russia or withdrew from the Russian market. The Financial Times estimates that Western banks collectively have $86 billion invested in Russia and nearly 40,000 employees.