Jingdong Technology Holding, the fintech arm of JD.com, is set to take over Home Credit's Chinese operations.

JD.com, which is already in the payments, micro-lending, factoring and fund sales business, is not currently licensed for consumer finance. If the transaction is approved, JD.com will be able to provide consumer loans, which will increase its ability to compete with firms such as Ant Group.

The sale will mark the end of PPF's 20-year presence in China. PPF has recently been reducing its presence in Asia and has made similar moves in other markets. In February it signed a framework agreement to sell Home Credit's assets in Vietnam, and in May Home Credit announced the sale of its Indian operations to investors led by TVS Holdings for EUR 80 million.

PPF Group operates in 25 countries in Europe, Asia and North America. Its investment portfolio covers a variety of sectors, including financial services, telecommunications, media, biotechnology, real estate and engineering. The Group's major players include Home Credit, Air Bank, telecommunications companies Cetin and O2, real estate group PPF Real Estate Holding, engineering company Škoda Group and Czech toll operator CzechToll. The Group has assets of EUR 40.1 billion and employs 70,000 people worldwide.