PPF is ready to leave China, it no longer sees business opportunities there

PPF is ready to leave China, it no longer sees business opportunities there

PPF is ready to leave China, they no longer see business interests there; ležistosti

Logo of the PPF Group at its Prague headquarters in a photo taken on April 18, 2017.

Prague – The PPF Group is also ready for a complete exit from the Chinese market, where since 2007 it has provided consumer loans under the Home Credit brand. He considers him realistic. They no longer see business opportunities in China. PPF board member Vladimír Mlynář told the Insider podcast.

Advertisement'; }

“We are ready for all scenarios, including a complete withdrawal from China. When you watch where geopolitics is going, it is very realistic,” Mlynář said. “We are a business company, we go where there are business opportunities. We don't see business opportunities in China at the moment,” he said.

According to the server businessinfo.cz, PPF is probably the largest Czech investor in China. “I think we have managed to build a huge company in China, which, however, as a result of covid and regulation, is getting into a situation where we don't see a future there,” Mlynář added.

According to him, Petr Kellner has already decided to withdraw from China , who was the majority owner of PPF Group until his death in March 2021. The company has reduced its loan portfolio in China by 90 percent over the past two years.

The PPF Group operates in 25 countries in Europe, Asia and North America in a number of industries, from financial services to telecommunications, media, biotechnology and real estate to after engineering. The group owns assets in the amount of 40.1 billion euros (almost a trillion crowns) and employed 70,000 people worldwide as of last June.

After the approval of the agreement on the distribution of Kellner's estate, the majority share of 98.93 percent in PPF Group is held by Kellner's heirs , wife Renát and his four children.