Czech PPF sells 26.5% stake in Russian Nomos Bank.

By bne IntelliNews August 10, 2012
Czech private equity firm PPF has sold its 26.5% stake in Nomos Bank, Russia's second largest private banking group by assets, PPF said in a statement on its website without giving the name of the buyer nor the value of the transaction. According to Interfax, PPF sold its stake for more than USD 700mn. In a statement published on its website, Nomos said that buyers were Otkritie Financial Corp and investors Alexander Nesis and Oleg Malis. PPF said it will invest the proceeds from the sale in further development of its key assets in Russia, particularly in the areas of consumer finance, consumer electronics and real estate, as well as support expansion in the fast-growing Asian markets. In Russia, PPF owns consumer lender Home Credit and electronics retailer Eldorado, among others. PPF is controlled by Czech billionaire Peter Kellner.
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