MOSCOW, June 6. /TASS/. Home Credit Bank will initiate rebranding in July and will change its name to Home Bank, the credit institution’s press service said on Tuesday.

"In this year, Home Credit Bank, which is a completely Russian company now, announces its renewed corporate style. The bank will soon to have the formal name exactly as its clients always said informally, the Home Bank. The bank keeps its brand colors but the name will be written in Cyrillic letters," the press service said.

Rebranding will be phased, the bank said. The bank’s website and the mobile app will be updated in July. Signage and lining of ATMs will be replaced at the second stage. This stage is scheduled to take place in the fourth quarter of 2023.

Customers will not need to change its bank cards that will remain valid, the bank’s press service said.

Home Credit N.V., a members of PPF Group, reduced its stake in the bank in late May from 99.99% to 50.49%. In June, the group reduced its stake again to 49.5%. In August 2022, Home Credit Bank announced that it had purchased the remaining stake of the group in the equity.