May 1, 2019 / 4:44 PM / 24 days ago

PPF boosts its stake in consumer lender Home Credit

PRAGUE, May 1 (Reuters) - Czech investment group PPF has increased its holding in global consumer lender Home Credit after buying a 2.5 percent stake from co-shareholder Emma Capital in a deal valuing the company at 8.5 billion euros ($9.55 billion), the shareholders said.

PPF, owned by the Czech Republic's richest businessman Petr Kellner, raised its stake to 91.1 percent, with fellow Czech investment group Emma Capital holding the remaining 8.9 percent, they said on Wednesday.

The two shareholders also said they had signed an agreement to continue their cooperation in Home Credit for a further five years. Emma Capital's main owner Jiri Smejc will remain Home Credit chairman.

Home Credit operates globally from the United States to Russia and India and has grown into one of the biggest non-bank consumer lenders in China. It holds assets amounting to 23.6 billion euros worldwide. ($1 = 0.8896 euros) (Reporting by Jason Hovet; editing by Emelia Sithole-Matarise)

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