PPF Group exits Nomos-Bank

Otkritie Financial Corporation will hold a 19.9% stake in the bank. A merger with Otkritie is likely, reports say.

Nomos-Bank will continue its expansion plans, focusing on a regional presence in the Moscow region, St Petersburg, Tyumen, Novosibirsk Oblast and Khabarovsk Krai. The bank aims to build its service and product offerings to corporate clients, small businesses and individuals.

Previous funding
PPF bought a stake in Nomos in 2007 through Netherlands-based holding Russia Finance Corporation, before increasing its stake in 2008. The private equity firm had planned to merge its Russian consumer-lending unit, Home Credit and Finance Bank, with Nomos but cancelled the plan in 2008.

Company
Founded in 1993, Nomos is the eighth largest banking group in Russia by assets and offers products in the corporate, retail and small businesses segments of the market. The bank has 294 service offices in major economic regions.

As of March 31, 2012, the bank's customer base included 11,700 corporates, 79,600 small businesses and approximately 1.5 million individuals. Consolidated assets total RUB670.3bn and capital amounts to RUB80bn.

People
Martin Stefunko is chief investment officer at PPF Group.

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