Home Credit agrees to sell 100% of its Vietnam operations to Thailand’s SCB
Prague, February 28 2024: Home Credit Group today announced that it has signed a conditional framework agreement to sell its Home Credit Vietnam business to The Siam Commercial Bank Public Company Limited (“SCB”), part of the SCBX Public Company Limited (“SCBX”) business. The transaction completion is subject to regulatory approvals in Vietnam and Thailand.
The transaction consideration amounts to approximately €800 million and the deal is expected to be completed in the first half of 2025.
Home Credit Vietnam – owned by international investment company, PPF Group – was launched in 2009 and has gone on to become an established leader in the country’s consumer finance sector, undergoing rapid digitalisation in recent years. At the time of launch, it represented Home Credit Group’s first opening in South East Asia.
In addition, the business holds the second largest market share in the Vietnamese consumer finance sector, which stands at approximately 14 percent of the total market.
“Home Credit Vietnam has grown rapidly to a market leadership position since the business launched fifteen years ago,” said Radek Pluhar, CEO Home Credit Group. “I wish to congratulate my colleagues on building a successful and respected business that has served over 15 million Vietnamese customers as they look ahead to this exciting new chapter. We are passing the baton to new owners and I am confident the business has an even brighter future.”
SCBX is SCB’s parent company and one of Thailand’s leading financial technology groups. SCB is the fourth largest bank in Thailand, measured by total assets.
The final consideration is subject to standard adjustments on completion.
ENDS
Notes to Editors
About Home Credit Vietnam
Home Credit Vietnam, a leading digital financier, launched in Vietnam in 2009 as the market pioneer and is now a country’s top consumer finance companies, with nearly 6,000 employees serving 15 million customers nationwide.
Home Credit Vietnam provides leading consumer financial products in three main categories: POS loans (motorbikes, home appliances, electronics, furniture etc.), cash loans and revolving loans. Powered by an advanced technology platform with a robust Home Credit mobile app, the company offers fast, relevant and safe financial products and services which are seamlessly accessible 24/7, allowing customers to easily choose what works best with their needs or lifestyle.
Home Credit’s mission is to empower people to live the life they want, by delivering innovative, inclusive, responsible and sustainable consumer financial solutions. Home Credit has been rated as the “Most Desired Brand” in 2 consecutive years (Ipsos, 2020 – 2022), and has also received many other prestigious awards, including the “Most Innovative Digital Transformation Company (CF) in Vietnam 2022” (Global Business Magazine)”, was honored in Top 100 sustainable companies in Vietnam 2022 and 2023 (CSI100).
About Home Credit Group
Founded in 1997, Home Credit is an international consumer finance provider operating across multiple markets. Coming from the Czech Republic, Home Credit offers a range of services, including credit and ancillary insurance products. It drives and broadens financial inclusion and encourages economic development through supporting domestic consumption.
In its over 25 year history, the Group has served more than 140 million customers and has over 100 million registered app users globally.
About SCBX
SCBX is the mothership of the financial technology business group, comprising 12 subsidiary companies that operate across three key business pillars: Banking Business, Consumer and Digital Finance Business, and Platform and Technology Business. In addition, SCBX also focuses on Climate Technology, aspiring to become ‘The Most Admired Regional Financial Technology Group’. The company conducts its business with flexibility and prudence in governance and risk management and has possesses the potential to compete equally in global competitions.
Communications Contacts
Home Credit Group – toby.doman@homecredit.asia