Sun.Star Davao

Thai, Japanese firms acquire Home Credit PH


LEADING consumer finance company 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), the fifth largest financial group in Thailand and Mitsubishi UFJ Financial Group (MUFG), a global financial leader from Japan.

The deal was completed with a base value of EUR 406 million (P24.4 billion). The final considerat­ion is subject to oneto-one adjustment based on the equity book value at closing of the transactio­n.

PPF Group the parent company of Home Credit Philippine­s based in Czech Republic sealed an agreement with MUFG and Krungsri to acquire Home Credit Philippine­s. Krungsri holds the majority stake of 75% and MUFG 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 Philippine­s, building on the high performanc­e that we have set over the past nine years. We are optimistic of our future together,” said 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.

The company has grown to become a market leader having the widest distributi­on network of more than 15,000 stores nationwide. This allowed Home Credit Philippine­s to acquire a growing customer base of almost 10 million as of date in its nearly 10 years of operations in the country. /

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