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Home Credit has divested its 49.5% stake in the Russian arm HCF Bank to local investors, Interfax has reported. 

Home Credit, which is backed by Czech investment major PPF group, still holds a 50.49% stake in the lender. 

A consortium of individual investors that included Ivan Tyryshkin, Ibragim Zagidulin, Yelena Martynenko, Violetta Chaika, and Dmitry Chemendryakov acquired Home Credit’s stake for an undisclosed sum. 

Based on the data provided by the SPARK-Interfax analytical system, Tyryshkin, the former head of the RTS index, acquired a 9.91% stake in HCF Bank, while others obtained a 9.9% stake.

According to previous reports, the same group of investors acquired Home Credit’s 49.5% shareholding in the Russian IC Home Credit Insurance and the Kupi ne Kopi [Buy Don’t Save] a microcredit firm.

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At the time, Tyryshkin told the news agency that the move was the first stage of the deal. 

“We have an extended deal, and there are many terms and conditions. It could be closed either quickly or not quickly,” Tyryshkin was quoted by the news agency as saying. 

The news follows the announcement by PPF and Home Credit that they have agreed to sell their Russian banking assets and subsidiaries to a group of investors led by Tyryshkin.

Last week, PPF’s senior management acquired a 75% stake in Kazakh Home Credit bank, which was covered in the agreement, from HCF Bank.