OREANDA-NEWS. November 06, 2014. Home Credit B.V. (the “Group”) announces it has agreed with PPF Group N.V. the acquisition of “Home Credit Consumer Finance China Ltd.” and “PPF Vietnam Finance Company LLC” and both companies start being consolidated into the Group’s financial results with effect from the third quarter results 2014.

“Home Credit Consumer Finance China Ltd.” is a local lending company headquartered in the city of Tianjin, founded in 2010 which received from the China Banking Regulatory Commission a pilot license for consumer finance as the first and only fully foreign owned company. Effective from 1 January 2014 the pilot license restrictions have been relaxed and the company can roll out its lending business across entire China.

“PPF Vietnam Finance Company LLC” has been active in consumer lending in Vietnam since its very foundation in 2009.

In September 2012, PPF Group N.V. and Home Credit B.V. entered into an agreement for sale of a 100% stake in both above mentioned companies. The transfers to Home Credit B.V. were subjects to several regulatory approvals which were substantive to close both transactions in question. The regulatory approvals needed for the transfer of ownership rights were obtained in July (Vietnam) and August 2014 (China) and the transactions are now closed.