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Czech investment group PPF has reportedly ceded its controlling interest in Russian subsidiaries in a deal valued at around RUB26.4bn ($494m).

The first stage of the deal includes divesture of a 50.5% stake in Russian lender HCF Bank, Home Credit Insurance, and microlender Kupi ne Kopi (Buy Don’t Save), along with a 100% shareholding in Forward Leasing and the Vsigda da (Always Yes), Russian news agency Interfax reported citing the group’s annual report.

Last week, PPF Group’s Home Credit gave up control of HCF Bank, Home Credit Insurance, and Kupi ne Kopi by diluting its shareholding from 50.5% to 49.5%.

Before that, one of PPF Group’s affiliates sold the entire stake in Vsigda da and Forward Leasing to former head of RTS Ivan Tyryshkin.

The second part of the deal will see the Czech group sell its remaining stake in Russian units for RUB16.4bn.

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The concerned parties, who hope to close the deal before November 2023, can also speed up the process, which would bring down the deal value by RUB11.1bn.

The news comes after PPF Group and Home Credit, which is PPF’s retail banking affiliate, signed a deal to offload their banking assets and subsidiaries in Russia to a consortium of Russian individual investors led by Tyryshkin.

As part of the deal, PPF senior management acquired 75% of shares in Kazakh bank Home Credit, a subsidiary of Russia’s HCF Bank.