The Home Credit Bank and Gazenergoprombank have successfully completed a financing transaction, which allows HCFB to diversify funding sources by adding Russian currency sources to its foreign currency funds. Within the transaction, HCFB was granted a loan of RBL 1.8 billion, secured on a mortgage portfolio.
The transaction is structured to enable HCFB to buy the mortgage portfolio back within a year.
As stated by Mikhail Khodursky, Chief Executive of Gazenergoprombank, “the HCFB transaction confirms our role as a system-forming bank, which is able, under the ‘Bank for Banks’ project, to provide financing secured on low-risk credit assets. We appreciate the experience we have gained from cooperation with our HCFB colleagues, as well as the quality of HCFB assets”.
Dmitri Mosolov, Deputy Chief Executive of the “Home Credit Bank, says: “The transaction is a new instrument for us on the domestic market. Provision of funding from the Gazenergoprombank is, in essence, similar to a securitisation transaction, which makes it possible to minimise investor risks and which is often used by the HCFB in international markets. The high quality of our assets allows us to consider this instrument as an alternative to the traditional funding schemes in the future as well. We are glad to cooperate with the Gazenergoprombank and to see this cooperation resulting in such an interesting transaction”.
MORE INFORMATION AT:
Gazenergoprombank Press Service
Tel/Fax: +7 (495) 666-32-50
Head of Corporate Financing and IR, HCFB
Tel: (+7) 495 785 82 25 (4431)
Head of PPF Group Communications
Tel: +420 224 174 066
Head of Strategic Communications
Tel: (+7) 495 514 1019
NOTES TO EDITORS:
ZAO Gazenergoprombank was established in 1996 by the structures of the Gazprom Group of companies. The Group holds more than 98% of the Bank’s equity capital.
Gazenergoprombank is one of the largest banks in Russia. Its regional network is currently represented by more than 65 points of presence, having various formats. The subsidiary network consists of 19 subsidiaries.
In April 2009 the international rating agency, Moody’s Investors Service, gave Gazenergoprombank a long-term rating of Ва3/NP for foreign exchange deposits and E+ for financial stability; in addition, the Bank obtained a Russian national rating of Aa3. The rating outlook is ‘Stable’.
Gazenergoprombank ranks first in terms of the reliability rating from the Profile Journal (as at 1 July 2009) and is among the ten most reliable Russian banks according to the Finance Journal.
ООО Home Credit and Finance Bank [Moody’s Ba3/NP/D-, S&P B+/В] is one of the leaders of the Russian retail banking market with a 26% consumer credit market share and a 10% share of the credit card market (as at 30 June 2009).
The Home Credit Bank offers its clients a wide variety of credit products under various conditions. Its products are available in more than 29 thousand partner shops in 1,200 cities and towns of Russia. The Bank’s regional network consists of 83 agencies, 172 offices and 6 subsidiaries in Russia (as at 30 June 2009).
OOO Home Credit and Finance Bank is a part of the Home Credit Group (HCG). Home Credit Group companies operate on the financial markets of Central and Eastern Europe as well as Central Asia and Far East. During 2008 HCG had granted loans in the combined principal of EUR 3.6 billion. Home Credit Group maintains one of the leading positions in the consumer finance markets of the Czech Republic (Home Credit, since 1997), the Slovak Republic (Home Credit Slovakia, since 1999), the Russian Federation (Home Credit & Finance Bank, since 2002), Ukraine ( (OJSC Home Credit Bank since 2006) and Belarus (OJSC Home Credit Bank since 2007).
The Home Credit Group is a part of PPF Group, established in 1991, which is a leading international investment group. PPF Group focuses on financial services (banking, insurance and consumer finance), private equity investments, and investments in real property. PPF Group also actively seeks investment opportunities and undertakes strategic investments in emerging markets of the Central and Eastern Europe and Asia. During its 18 years in business, PPF Group has become an important international financial investor, managing assets of EUR 10.1 billion as of 30 June 2009.