Home Credit announces successful entry into the Kazakhstani consumer finance market
Prague, 01/09/2006
Having successfully served more than six million customers in Central Europe and Russia over the past eight years, the international Home Credit Group confirmed today that it had successfully entered the consumer credit market in Kazakhstan. Since the commencement of operations in the middle of December 2005, the company has granted approximately 1,400 consumer loans to citizens of Kazakhstan.Home Credit Group is a member of the international financial group PPF and operates in Kazakhstan through Home Credit Kazakhstan JSC (“HCK”). HCK’s consumer finance products were launched in the local market in the middle of December 2005, and are now available in all major cities across Kazakhstan. These include the country’s most important cities such as Almaty, with more than a million inhabitants, and the country’s capital Astana, as well as an additional 15 large cities from which Home Credit covers all 14 Kazakhstani administrative regions.
“In the first year, we will focus our distribution strategy to cover retail networks distributing home appliances and electronics, furniture, mobile phones, bathroom and kitchen products, heating systems and construction materials. Our core product is the point-of-sale consumer loan. We will eventually expand the product portfolio to include general purpose consumer loans, revolving credits and car loans. We are confident that we will succeed in attracting customers since the local banking and financial market is one of the most developed among all ex-CIS countries, and is a market that is well prepared for the introduction of our innovative and prompt consumer credit services,“ explains Ladislav Chvatal, Executive Director Retail Banking and Consumer Finance, and member of the Board of Directors of PPF Group.
Home Credit Kazakhstan has modelled the distribution of its credit products on the extensive experience of Home Credit and Finance Bank (HCFB) from the Russian market. However, HCK is independently managed and both companies are owned by the Dutch-based Home Credit B.V.
HCK is present in three out of four of the largest retail networks active in Kazakhstan and consumers can currently gain access to HCK’s services in approximately hundred outlets.
01/09/2006
