The PPF Group, founded and owned by Czech billionaire Petr Kellner, plans to sell its 49 percent stake in Generali PPF Holding, an insurance joint venture PPF established with Generali, which owns the majority stake. Kellner is also in talks to sell his stake in the Russian insurer Ingosstrakh to VTB bank for Kč 10 billion, the server regiony24.cz reported Wednesday. Generali PPF Holding is currently valued at a little over €23 billion.
Since November 25, the PPF Group has sold around 4.5 million shares in Italian insurance group Generali for €54.4 million (around Kč 1.37 billion), the weekly Tyden has reported. The shares sold to date account for 14 percent of the Netherlands-registered investment group’s stake in the Italian insurer.
Police in Moscow conducted searches of three offices of the bank Mosstroiekonombank as part of an investigation into a $15 million “loan” provided by an investment firm registered in the name of a long-term top manager in the PPF Group, Martin Schaffer. The borrower, who operated under a false name and was arrested in March this year, has not returned the money.
Reports in the Russian press suggest Czech billionaire Petr Kellner’s PPF Group has conducted negotiations to sell its national divisions of Home Credit & Finance in Russia, Kazakhstan and Belarus — the group’s largest operations in the CIS. The reports emerged two days after PPF Investments (PPFI) lost an appeal in a Moscow court over a stake in the Ingosstrakh insurance firm, which is majority-owned by Basic Element, Russia’s largest diversified investment company.