OREANDA-NEWS. May 24, 2010. Home Credit & Finance Bank ('HCFB' or 'the Bank'), rated Moody’s Ba3/NP/D-, S&P B+/B, announces that HCFB and its parent company PPF Group N.V. have agreed on the EUR 500 million liquidity facility extension until May 2011, reported the press-centre of HCFB.

According to the agreement signed between PPFGroupN.V. and HCFB, PPFGroupN.V.extends a EUR 500 million revolving loan facility for the Bank. The facility can be drawn upon at any stage within the one year availability period and carries a floating interest rate based on EURIBOR.

The EUR 500 million facility was established in May 2008for general corporate usage by HCFB.  Taking into consideration the volatility of the funding markets, PPFGroupN.V. and HCFB have agreed that the facility will be extended until May 2011 to serve as a last resort liquidity cushion. As of May 2010, the Bank has not utilized the facility.

'HCFB constitutes the largest asset in consumer banking for PPF Group. Over the years PPF Group has been providing strong support to HCFB on the Russian market both in terms of management and financing. The above mentioned facility’s extension represents further evidence of such continuing support from PPF Group in order to maintain HCFB’s disciplined and profitable growth in the Russian consumer banking market', says Ivan Svitek, HCFB Chairman of the Management Board.