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    Home Credit expands in Russia and China, plans to enter India

    Home Credit, a consumer finance company, is significantly expanding in Russia and China, where it wants to multiply the number of its points of sale at which it provides consumer finance. It is also preparing to launch instalment sale services in India and Indonesia. The costs of this expansion to new countries will primarily be met from the company’s own resources, David Sahula, spokesman for Home Credit Group, part of the PPF financial group, has told ČTK.

    As at 30 June 2011, Russia-based Home Credit had 488 branches; of these, 194 were standard branches, 34 were the so-called boutique branches at which clients can arrange for everything with the exception of cash withdrawals or deposits, and 260 were lending kiosks. By as early as the end of this year Home Credit plans to have almost doubled the number of its branches to a total of 840 of its own branches or offices. Russia-based Home Credit had more than 51,000 shops at which Home Credit loans were offered. Home Credit has altogether 3.5 million active clients in Russia. Since its establishment, it has served 21 million customers in Russia, which equals one third of all households in the country.

    In China, Home Credit plans to increase the current number of its points of sale, approximately 10,000, to some 24,000 by the end of 2012. At the same time it also intends to approximately double the volume of credit provided. In the first half of 2011, China-based Home Credit approved credit worth 730 million yuans, which is almost the same as for the whole of 2010. Home Credit approves 2,000 loans per day on average in China. Mobile telephones continue to be the most popular goods for which the Chinese take out loans from Home Credit.

    The Home Credit brand is headed for new countries, in particular in Asia. By the end of this year, it is to be the first to have launched a pilot project for instalment sales in India. In the pilot operation, it will start with only a few dozen points of sale in New Delhi. If the project comes out well the company plans to add on new points of sale every month. “We would also like to start our business in Indonesia where we are holding talks with local partners who are needed for obtaining the required licences. We expect the launch in Indonesia in the first half of next year,” said Mr Sahula.
    Home Credit Group is part of PPF Group, which is controlled by the wealthiest Czech, Petr Kellner. One of the largest international financial and investment groups in the Central and Eastern European region, PPF Group pursues various activities from banking and insurance to real property, energy and mining to Russia’s largest consumer electronics retail chain.

    Home Credit does not only operate in the Czech Republic, Russia or China, but also in Slovakia, Belarus, Kazakhstan and Vietnam, while examining opportunities for entering into additional emerging markets in Asia. It is apparently also possible that the company could enter the Sri Lanka market.

    Source: ČTK news service

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