Krungsri (Bank of Ayudhya PCL), the fifth largest financial group in Thailand, and Mitsubishi UFJ Financial Group (MUFG), a global financial leader from Japan, are set to acquire Home Credit Philippines (HCP), for P24.4 billion.
PPF Group, the parent company of Home Credit Philippines based in the Czech Republic, finalized an agreement with MUFG and Krungsri to acquire its Philippine chapter, which is set to celebrate its 10 anniversary this year. Krungsri now holds the majority stake of 75%, while MUFG retains the remaining 25%.
“With our new partners, we embark on the next chapter for Home Credit Philippines, leveraging the exceptional performance we have achieved over the past nine years. We are highly optimistic about our future together,” shared David Minol, CEO of Home Credit Philippines.
The company will retain its brand identity and continue its regular operations under the guidance of its existing local leadership team, with support from Krungsri. The company’s goal is to expand its consumer finance portfolio and harness synergies with both banks to further enhance its services.
“I would like to extend my congratulations to our colleagues at Home Credit Philippines for their incredible accomplishments,” said Radek Pluhar, CEO of Home Credit Group. “Together, we have empowered nearly 10 million Filipinos to access the formal economy through our innovative products and services. We take pride in these achievements and eagerly anticipate the company’s future growth.”
Home Credit Philippines built a distribution network of over 15,000 stores nationwide. Through its operations spanning nearly a decade, the company has acquired a substantial customer base of almost 10 million.
“With the inclusion of Home Credit in the Philippines, we have achieved another significant milestone in our ASEAN expansion strategy, successfully executing our medium-term business plan,” said Kenichi Yamato, president and CEO of Krungsri. “By incorporating the company into our portfolio, we aim to address the evolving financial needs of consumers with a comprehensive range of innovative consumer finance products and services.”