Consumer lender Home Credit drops Hong Kong IPO

Credit: REUTERS/Bobby Yip

Consumer lender Home Credit has dropped plans for an initial public offering in Hong Kong, a spokesman said on Thursday, amid volatile markets in the Asian financial hub. The Prague-based lender had been seeking to raise more than $1 billion in the listing.

Adds details, statement

PRAGUE, Nov 21 (Reuters) - Consumer lender Home Credit has dropped plans for an initial public offering in Hong Kong, a spokesman said on Thursday, amid volatile markets in the Asian financial hub.

The Prague-based lender, controlled by the Czech Republic's richest businessman Petr Kellner's financial group PPF, had been seeking to raise more than $1 billion in the listing, according to market sources.

"Home Credit Group BV today announced that due to market conditions it has decided not to proceed with a global offering ... on the Stock Exchange of Hong Kong," the company said in a statement.

The spokesman for Home Credit, which has a sizable lending business in China, did not give further details on the decision.

Hong Kong has faced political turmoil and months of violent pro-democracy protests. Czech and Chinese relations have also hit bumps over a spat between the two capital cities over a partnership agreement.

The unrest has led to volatility on Hong Kong's financial markets.

(Reporting by Jan Lopatka and Jason Hovet; Editing by Mark Potter)

((jason.hovet@thomsonreuters.com; +420 224 190 476; Reuters Messaging: jason.hovet.thomsonreuters.com@reuters.net))

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