PPF Group to increase stake in NOMOS-Bank to 30% by end April

Czech investment company PPF Group expects by the end of April to increase its stake in Russia’s NOMOS-Bank to 29.9% from 17.69% currently, PPF Group and NOMOS-Bank said in a joint statement Monday.

PPF Group holds the stake in the bank through Netherlands-based holding Russia Finance Corporation, which has received approval from the Central Bank of Russia (CBR) to increase the stake.

In February, PPF Group and NOMOS-Bank agreed that bank’s Russian shareholders would continue to hold a controlling stake in the bank, while the group would act as a financial investor for the bank and would continue increasing its stake in the bank through Russia Finance Corporation.

Earlier this year, PPF Group canceled plans to merge its Russian consumer-lending unit, Home Credit and Finance Bank, with Russian Nomos Bank.

NOMOS-Bank, established in 1993, is one of Russia’s largest private banks and 25th among all banks by assets. The bank is involved in corporate, investment and private banking as well as retail services.