Tuesday, June 13, 2023

Home Credit Philippines eyes further growth with its acquisition by Thailand’s Krungsri, Japan’s MUFG


Home Credit Philippines ("HC Consumer Finance Philippines, Inc."), a leading consumer lending company, announced its new following the conclusion 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.

The transaction was finalized for EUR 406 million (PHP 24.4 billion). The final consideration is subject to a one-to-one adjustment based on the equity book value at the transaction's closure.

PPF Group, Home Credit Philippines' parent company situated in the Czech Republic, has agreed to buy Home Credit Philippines from MUFG and Krungsri. Krungsri owns 75% of the company, with MUFG owning the remaining 25%.

“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.

The 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.

“The acquisition of Home Credit Philippines is a testament to the strong business it has established in the country and the growth opportunity that Krungsri and MUFG have seen for the company to further expand and maintain its dominance in the local consumer finance market,” Minol added.

“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. “Together, we have empowered nearly 10 million Filipinos to access the formal.

The company has developed to become a market leader, with a nationwide distribution network of over 15,000 outlets. This enabled Home Credit Philippines to amass a rising customer base of about 10 million in its nearly ten years of operations in the country.

"With the acquisition of Home Credit in the Philippines, we have achieved another significant milestone in our ASEAN expansion strategy through the successful execution of our medium-term business plan," stated Krungsri President and CEO Kenichi Yamato. By adding Philippine Home Credit into its

With a comprehensive spectrum of innovative consumer finance products and services, the Bank aspires to meet the changing financial demands of consumers. This acquisition strengthens Krungsri's position as a prominent financial institution in ASEAN, building on its strong footprint in the high-potential country."

“With the expertise and extensive experience, Krungsri, together with Home Credit, is well-positioned to capitalize on the growing demand for consumer finance solutions and reaffirms its commitment to providing suitable products and services that empower individuals and drive sustainable growth in the market.”

This acquisition is expected to strengthen Home Credit Philippines' business operations as it continues to provide more Filipinos with credit while capitalizing on Krungsri's expertise as one of Thailand's finance leaders.

Home Credit Philippines is likely to keep its brand and carry on with its normal operations, guided by Krungsri. As it collaborates with both banks, the firm hopes to expand its consumer credit portfolio even more.

Learn more about the latest updates of Home Credit by visiting its official website www.homecredit.ph. Home Credit Philippines is a financing company duly licensed and supervised by the Securities and Exchange Commission (SEC) and by the Bangko Sentral ng Pilipinas (BSP).

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