PPF seeks to branch out into retail banking

The financial group PPF, controlled by the richest Czech Petr Kellner, has asked the Czech National Banking for a banking license, according to Monday’s edition of Lidové noviny. According to the group’s spokesman, PPF is seeking to create a retail bank in the country with a network of branches which would offer financial services to customers. The spokesman said the project should bear fruit within the next year. PPF already offers consumer loans in the Czech Republic and other countries in Central Europe and Asia through its Home Credit company.