Home Credit Philippines (“HC Consumer Finance Philippines, Inc.”) today announced its new shareholders following the completion of its acquisition by Krungsri (“Bank of Ayudhya PCL”), Thailand’s fifth largest financial group, and Mitsubishi UFJ Financial Group (“MUFG”), Japan’s global financial leader.
Home Credit Philippines’ new shareholders
The transaction was completed for EUR 406 million (PHP 24.4 billion). The final consideration is subject to a one-to-one adjustment depending on the transaction’s equity book value at closure.
“We are pleased to announce the handover of Home Credit Philippines to our new shareholders Krungsri and MUFG, both market leaders in the financial industry. Together with our new shareholders, we are opening the next chapter for Home Credit Philippines, building on the high performance that we have set over the past nine years. We are optimistic about our future together,” shared David Minol, Home Credit Philippines’ CEO.
Minol added that the acquisition of Home Credit Philippines is evidence of the company’s successful operations there as well as the development potential that Krungsri and MUFG saw as enabling them to maintain their leadership in the local consumer finance sector.
“I want to put on record, our congratulations to our colleagues at Home Credit Philippines for an incredible job well done,” said Home Credit Group CEO, Radek Pluhar.
Through their creative goods and services, they have enabled approximately 10 million Filipinos to participate in the formal economy. They are also pleased with these accomplishments and look forward to following the company’s further expansion.
With the largest distribution network of more than 15,000 retailers countrywide, the company has developed into a market leader. Due to this, Home Credit Philippines has expanded its client base over its almost ten years of existence in the country, reaching about 10 million as of this writing.
Krungsri President and Chief Executive Officer Kenichi Yamato stated through the effective implementation of our medium-term business plan, we have added another important milestone to our ASEAN development strategy with the purchase of Home Credit in the Philippines.
With the addition of Home Credit in the Philippines to its portfolio, the Bank hopes to provide a comprehensive complement of cutting-edge consumer financing products and services to meet the changing demands of its client. This acquisition strengthens Krungsri’s position as a top financial institution in ASEAN and builds on its strong footprint in the high-potential country.
Together with Home Credit, Krungsri is well-positioned to take advantage of the rising demand for consumer finance solutions thanks to their knowledge and wealth of experience. The company also reiterates its dedication to offering the right products and services that empower people and promote sustainable market growth.
This deal would help Home Credit Philippines expand its business operations and give more Filipinos access to loans while using Krungsri’s experience as one of Thailand’s top financial figures.
Under the guidance of Krungsri, the local leadership team of Home Credit Philippines is anticipated to maintain its brand and carry on regular business activities. As it collaborates with both banks, the company wants to expand the scope of its consumer credit offerings.
