Home credit

PPF plans to sell or acquire partners in certain mortgage markets | The powerful 790 KFGO


[ad_1]

PRAGUE (Reuters) – Czech investment group PPF is considering selling or acquiring partners in units of its consumer credit business in some countries where it sees limited potential, the director said on Thursday financial manager of PPF, Katerina Jiraskova.

PPF may also seek partners for financing in other promising markets and continue on its own where the prospects are best, she told Reuters in an interview.

Mortgage loans have taken a hit since the start of the coronavirus pandemic.

The company recorded a loss of 178 million euros ($ 201.14 million) in the first half of 2021, caused by the write-off of old portfolios – much of which in China – and the impact of the pandemic in India .

When asked what the group would look like, also operating in Vietnam, Indonesia, the Philippines, Kazakhstan, Russia as well as the Czech Republic and Slovakia, in a year, Jiraskova replied: “Hard to say .

“There are countries where we think there is a strong potential for development and we want to develop them more, and we are very happy to develop them more on our own,” she said.

“There is a second category where we see the potential for value creation as limited, growth limited, so these countries could potentially be sold, in partnership with someone,” she said, declining to say. identify which countries belonged to which category.

Another group of countries has potential, but Home Credit could invite partners in the business to provide wholesale financing for its loans, she said.

Home Credit saw its operating income in China fall to 462 million euros in the first half, from 1.08 billion a year earlier. He said his other Asian markets except India had improved since 2020.

PPF has put its Czech and Slovak mortgage business up for sale to MONETA Money Bank in a transaction proposal that will be voted on by MONETA shareholders on December 20.

($ 1 = 0.8850 euros)

(Report by Jan Lopatka and Jason Hovet)

[ad_2]