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. /