Minsk / Amsterdam (15 July 2016) – Belarusian National Bank Confirms HC’s Belarusian business change of status to a Non-Banking Credit Institution in line with the company’s previously-announced strategic transformation plan
Following today’s decision by the National Bank of the Republic of Belarus, Home Credit’s Belarusian business has now formally transitioned in its status from a bank to a non-banking financial institution (NBFI). This is in line with the decision announced in April 2016 by the company’s shareholders to change the business model from a bank to a NBFI in accordance with the Group’s model in other countries (with the exception of Russia and Kazakhstan, where Home Credit has a banking license.) Home Credit in Belarus remains being an integral part of the country’s financial system and will continue to be under the supervision of the National Bank of Belarus.
The business, previously registered as “Home Credit Bank JSC”, will now be formally known as “OJSC Non-banking Credit and Financial Organization Home Credit” (hereafter “Home Credit NBCO”). The National Bank of Belarus has accordingly registered changes in the company’s statutes and licenses: as a result of the change in status, Home Credit NBCO is no longer licensed to take retail customers’ deposits, open or service customers bank accounts, or issue credit or debit cards, while it is licensed to take deposits from legal entities, carry out currency exchange transactions and factoring and leasing operations.
In preparation for the aforementioned step, the Belarusian business reports that it has already closed bank branches and customers’ current and savings accounts and paid back retail deposits. Looking to the future, Country CEO Sergey Scherbakov commented: “By the end of 2016, we will complete our work on optimizing our business costs, and develop new products and adapt existing ones to our new business model.
Home Credit Group acquired its Belarusian business in December 2006 through gaining a controlling stake in the Belarusian JSC “Lorobank”; Home Credit Bank Belarus’s first loan was issued on 3 December 2007. The Bank’s regulated capital as of 1 Feb 2016 amounted to BYR 329.951bn (USD 16.2m at the exchange rate of the National Bank of Belarus).
