Home Credit Philippines Acquired by Krungsri and MUFG in P24.4 Billion Deal

Home Credit Philippines, also known as HC Consumer Finance Philippines Inc., has been acquired by Thailand's Bank of Ayudhya PCL, or Krungsri, and Japan's Mitsubishi UFJ Financial Group in a substantial P24.4 billion transaction. 

Under the agreement, Krungsri will take control of 75 percent of Home Credit Philippines, while MUFG will acquire the remaining 25 percent. The acquisition aims to capitalize on the strong business foundation established by Home Credit Philippines in the country and tap into growth opportunities in the local consumer finance market.

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The parent company of Home Credit Philippines, PPF Group, finalized the deal with MUFG and Krungsri as part of their strategic expansion plans.

Home Credit Philippines said it will retain its brand identity and maintain business as usual under the existing local leadership team, with guidance from Krungsri.

Krungsri President and Chief Executive Officer, Kenichi Yamato, stated that incorporating Home Credit Philippines into its portfolio will allow the bank to address the evolving financial needs of consumers by offering a comprehensive range of innovative consumer finance products and services.

Home Credit Philippines said it has catered to almost 10 million customers and expanded its physical distribution network to over 15,000 stores nationwide.