OREANDA-NEWS. On May 17, 2007 PPF Group N.V., and shareholders of Nomos Bank,  announced that they have signed the Memorandum of Understanding with a goal to creating a strategic partnership. In connection with the negotiation the planned IPO of Nomos Bank has been suspended, reported the press-centre of  Nomos Bank.


PPF Group and shareholders of the Nomos Bank are planning to join forces to create one of the largest universal banking groups in Russia. Both Home Credit and Finance Bank (“HCFB”) and Nomos Bank (“Nomos”) will be contributed to a new holding company mutually owned by the PPF Group and the Nomos shareholders. The banks will continue to operate their businesses separately and under their current brand names. Full merger is not being discussed at present. The stakes in the new holding company will be determined in accordance with the agreed principles and on the basis of the audited figures of both banks for the first half 2007.