Profireal Group is entering the consumer credit market in the Russian Federation through its credit division PROFI CREDIT. PROFI CREDIT, in a joint venture with J&T Group, is establishing its first branch in Saint Petersburg.
PROFI CREDIT would like to provide cash loans in the Russian market and will first target individuals. It will begin lending this autumn and open its first branch in Saint Petersburg. “The developing Russian consumer credit market is a challenge for us. We see our entering this market as a logical step in the development of the activities of the PROFIT CREDIT division,” says David Chour, Chairman of the Board of Directors of Profireal Group.
At this time, PROFI CREDIT is operating in the Czech Republic, Slovakia, Poland and Bulgaria. Since 2000, it has provided its clients with more than 700 000 loans in excess of EUR 1.37 billion. “We have great hopes for our entrance into the Russian market. We would like to be one of the biggest consumer credit providers in the European part of Russian within three years,” adds David Chour. According to him, Profireal Group is considering entering other developing markets in Europe and Asia.
For its Russian venture, Profireal Group has joined forces with J&T Group. J&T is active in Russia through its bank, which is headquartered in Moscow. “We have been working with Profireal Group in Central Europe, financing its activities there. We are pleased that our cooperation is expanding and that we can, through our newly established joint venture, take part in its entrance into the Russian consumer credit market,” says Štěpán Ašer, CEO of J&T Banka.
PROFI CREDIT provides credit to individuals and corporate entities. It uses its own network of credit consultants to sell its products. At this time, it has more than 6000 consultants across Europe.
Profireal Group financial group is a multinational corporation that has been operating on the financial markets of Central and Eastern Europe since 1994. Profireal Group comprises three divisions: PROFI CREDIT is an important provider of credit and financing; PROFIDEBT specialises in trading accounts receivables; and PROFI INVESTMENT is involved in the development of new investment projects. In its 13 years of doing business, PROFI CREDIT has managed to provide more than 700 000 loans and credit in the Czech Republic, Slovakia, Poland and Bulgaria.