According to Tianjin Municipal People's Government Financial Affairs Office, PPF Group N.V. (herein referred to as "PPF Group"), the principal holding company of the largest investment group in Central and Eastern Europe, has received approval from the China Banking Regulatory Commission to establish consumer finance company named Home Credit Consumer Finance (China) in Tianjin. This is the first foreign consumer finance company in China.
Czech's PPF Group, the shareholder of the approved preparatory consumer finance company, is involved in consumer finance, insurance, retail banking and other areas with assets of more than 11 billion euros, which has the world's leading management system, professional management team and advanced management concepts.
The Home Credit Group, affiliated by PPF Group, is a consumer finance business specialist with more than 10 years of consumer finance industry experience and a huge customer base, which has succeeded in research and development of a unique business model and back-office system, leading in consumer finance market in Central and Eastern Europe, Central Asia and the Far East.
Home Credit Consumer Finance (China) owns registered capital of 30 million euros, and will carry out related businesses in two phases of consumer loans and consumer finance, and obtain customers through the cooperation with retailers to distribute loan products and provide personal consumption loans for customer groups. Industry insiders claim that this will boost household consumption and play an active role in promoting economic growth.
