In a buyout worth Php24.4 billion, Home Credit Philippines or HC Consumer Philippines Inc. will be split between Japan’s Mitsubishi UFJ Financial Group and Thailand’s Bank of Ayudhya PCL or Krungsri, the company said on Friday.

Through its parent company, the Czech Republic-based PPF Group, a deal was inked with the two Asian companies, per the announcement. Getting the lion’s share of the deal is Krungsri, who will be getting 75 percent of the company, while MUFG will get the remainder 25 percent.

Speaking about the business move, Krungsri President and CEO Kenichi Yamato said that the acquisition is part of the enterprise’s strategic expansion plans into the Association of Southeast Asian Nations (ASEAN) region.

By including Home Credit Philippines in its portfolio, Krungsri will be able to cater to consumers’ evolving financial needs with a wide gamut of finance products and services, the bank’s exec said.

Amid the acquisition, the lending company anticipates the retention of the branding and regular operation as usual with the same local dealership, but with the oversight of Krungsri.

Further, the company expects to see an enhancement to its business functions in the Philippines via access to credit to Filipinos.

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