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Czech investment group PPF and its consumer banking arm have signed a deal to sell their banking assets in Russia.

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As per the terms of the agreement, a consortium of Russian individual investors led by Ivan Tyryshkin will acquire Home Credit and Finance Bank (HCFB) and its subsidiaries.

HCFB is the subsidiary of Home Credit, which is PPF’s retail banking affiliate. 

PPF did not reveal the financial value or other details of the transaction as it joins other European peers in reducing exposure to Russia after it invaded Ukraine.

The divesture will mark Home Credit’s exit from the Russian market. 

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“My partners and I have bought 50% plus one share, for now, we are not disclosing more information,” Reuters quoted Tyryshkin as saying citing local publication Frank Media

Tyryshkin, who headed the RTS exchange from 2001 to 2003, is among the founding members and largest shareholders of the SPB Exchange.

As part of the transaction, HCFB’s Kazakh subsidiary will be sold to shareholders and top managers of PPF and Home Credit. 

“This transaction will be conducted in an orderly and structured manner to ensure continuity for Home Credit employees and customers in Russia and Kazakhstan,” the group’s statement read. 

The agreement does not cover PPF’s other Russian businesses such as insurance and property management. 

Last week, media reports said Italy’s UniCredit, and US-based Citi are looking to swap their Russian business to exit the country.