Home Credit Vietnam sold to Thailand investors for 800 million euros

March 01, 2024 - 14:41
Czech Republic consumer finance provider Home Credit Group has announced it will sell its Home Credit Vietnam business to The Siam Commercial Bank Public Company Limited (SCB), part of SCBX Public Company Limited (SCBX), for approximately 800 million euros (US$866 million).
Home Credit Vietnam’s staff guides customers fill in registration forms for a loan. The company has been sold to a Thailand investor for 800 million euros. — Photo courtesy of Home Credit Vietnam

HCM CITY — Czech Republic consumer finance provider Home Credit Group has announced it will sell its Home Credit Vietnam business to The Siam Commercial Bank Public Company Limited (SCB), part of SCBX Public Company Limited (SCBX), for approximately 800 million euros (US$866 million).

In a press release, the group said that the deal is expected to be completed in the first half of 2025, subject to regulatory approvals in Việt Nam and Thailand.

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 branch in Southeast Asia. In addition, the business holds the second largest market share in the Vietnamese consumer finance sector, or approximately 14 per cent of the total market.

Currently, the company is one 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 such as motorbikes, home appliances, electronics, furniture; cash loans; and revolving loans.

The company offers 24/7 services, allowing customers to easily choose what works best for their needs or lifestyle.

“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,” he said.

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.

Founded in 1997, Home Credit Group is an international consumer finance provider operating across multiple markets. In its 25-year history, the Group has served over 140 million customers and has over 100 million registered app users globally.  — VNS