Home Credit is also exploring alternatives for its operations in Southeast Asia. Credit: Andrew Teoh on Unsplash.

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Czech Republic-based retail banking company Home Credit has transferred its remaining 49.5% stake in its Russian arm Home Credit and Finance Bank (HCF Bank).

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The move will see Home Credit, which is an affiliate of Czech investment group PPF, exit the capital of HCF Bank.

The stake was acquired by HCF Bank last week, Interfax reported citing the data in the Unified State Register of Legal Entities.

In May this year, PPF and Home Credit reached an agreement to sell their Russian banking assets to a consortium of local individual investors led by Ivan Tyryshkin, former RTS head.

Following the agreement, the consumer bank offloaded 49.5% of the shares in HCF Bank.

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By reducing its exposure to the Russian market, Home Credit joins its peers in cutting ties with Russia after it invaded Ukraine.

Most recently, US banking major Citigroup announced plans to close its Russian retail and commercial banking units.

The divestitures, which will commence this quarter, are anticipated to cost Citi around $170m in the next 18 months.

Citi said the Russian exit will impact its 2,300 staff deployed across 15 branches.

In a separate development last week, media reports emerged that Japanese lender Mitsubishi UFJ Financial Group (MUFG) is in talks with Home Credit to buy its assets in Indonesia and the Philippines.

Notably, the Czech lender is exploring options for its assets in Southeast Asia and India to bolster the group’s capital position.