PPF Group has launched its consumer finance arm in Vietnam
The PPF Group N.V. announces the launch of a new era in consumer lending in Vietnam as “PPF Vietnam finance company Ltd”, the Group’s first licensed financial services company in Asia.
PPF Group N.V., a Dutch-based financial company, formally launched its consumer finance operations in Vietnam, thus adding the 8th market to its emerging Europe and Asia countries´ portfolio. PPF Vietnam Finance company Ltd. with a charter capital of 500 Billion VND, is a 100% subsidiary of PPF Group NV, which under the “Home Credit” brand, provides product-tied lending to qualified mass markets. Consumer finance services provided by subsidiaries of PPF Group NV are available to customers in the Czech Republic, Slovakia, Russia, Ukraine, Kazakhstan, Belarus and China. In all these markets consumer finance services are provided under “Home Credit” brand which enjoys leading market position in each of them.
Over the past few years PPF Group N.V. had announced its intention to transfer its successful consumer finance model to Asia, by applying for a consumer finance license in Vietnam and China. Since then PPF Group has been studying and exploring the consumer finance markets in these two high potential markets and in December 2007 it started to be active in consumer retail lending in China through „Home Credit Asia”, its 100% subsidiary.
In April 2008, PPF was successful in obtaining a license to establish a 100% foreign owned non-banking financial company in Vietnam, PPF Vietnam Finance Co Ltd., which started its fully licensed operation today.
PPF Vietnam Finance Co Ltd. with its headquarters based in Ho Chi Minh City, will offer a range of financial services including consumer loans, point-of-sales finance and other related products, aimed at the mass market. PPF Vietnam Finance Co Ltd will endeavour to help creating a responsible industry, providing the Vietnamese customers with the options to finance essential purchases over a reasonable period of time. PPF Vietnam Finance Co Ltd through the Home Credit brand brings to Vietnam its considerable experience in providing such products and services in a number of countries and other emerging markets. The Home Credit brand will stand for a fair and transparent business, enabling the common man to achieve their aspirations, as well as provide small and medium retail businesses the opportunity to increase their reach and thus support this vital nation building industry.
PPF Vietnam Finance Co Ltd intends to invest in Vietnam, by quickly establishing a nation-wide network, offering job opportunities in the Head Office, branches and network across Vietnam.