Home Credit Philippines (“HC Consumer Finance Philippines, Inc.”) has now been acquired by a consortium comprising Japan’s Mitsubishi UFJ Financial Group (“MUFG”) and led by Krungsri Bank (“Bank of Ayudhya PCL”), a leading Thai institution. The deal was completed for a base value of €406 million and will see Krungsri and MUFG Bank purchase 75% and 25% respectively of the Home Credit Philippines business.
Radek Pluhar, Home Credit Group Chief Executive said: “Today marks an exciting new chapter in the evolution of the Home Credit Group. It is also a time for celebration as we hand over a robust and market-leading business to new shareholders. It is clear that over a 10 year period, we have built a vibrant operation in the Philippines and I am honoured that the new shareholders have identified the business as a strong platform for their own regional growth strategies.
“Our history in the country means there is lots to be proud of and our work empowering nearly 10 million Filipinos to enter the formal economy leaves behind a significant legacy.”
Home Credit Philippines launched in 2013 and with the support of its parent company, PPF Group, the business grew into one of the leading consumer finance brands in the country. The business has also been a major employer in the Philippines, employing over 40,000 people since launching. Over 10 million Filipinos have used the Home Credit app and in the last three years, the company has financed more than 4 million mobile phone purchases, highlighting its strength in the mobile segment.
In the decade since launch, Home Credit Philippines has served nearly 10 million customers and has grown its physical distribution network to over 15,000 stores nationwide. Now under new ownership, the shareholders will take the business to the next level of growth.
The Philippines deal has been closed on schedule. As previously announced in November 2022, Home Credit Group B.V. is also involved in the sale of its Indonesian operations to the same consortium. The deal is expected to close in the second half of 2023.