{"id":56429,"date":"2023-06-05T09:44:48","date_gmt":"2023-06-05T01:44:48","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=56429"},"modified":"2023-06-05T09:44:52","modified_gmt":"2023-06-05T01:44:52","slug":"home-credit-philippines-acquired-by-thailands-krungsri-japans-mufg","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2023\/06\/05\/home-credit-philippines-acquired-by-thailands-krungsri-japans-mufg\/","title":{"rendered":"Home Credit Philippines acquired by Thailand\u2019s Krungsri, Japan\u2019s MUFG"},"content":{"rendered":"\n

Home Credit Philippines announced its new shareholders following the completion of its acquisition by\u00a0\u00a0Krungsri, the fifth largest financial group in Thailand and\u00a0Mitsubishi UFJ Financial Group\u00a0(\u201cMUFG\u201d), a global financial leader from Japan.<\/strong><\/p>\n\n\n\n

The deal was completed with a base value of EUR 406 million (PHP 24.4 billion). The final consideration is subject to one-to-one adjustment based on the equity book value at closing of the transaction.<\/p>\n\n\n\n

PPF Group\u00a0the parent company of Home Credit Philippines based in Czech Republic\u00a0 sealed an agreement with MUFG and Krungsri to acquire Home Credit Philippines. Krungsri holds the majority stake of 75% and MUFG the remaining 25%.<\/p>\n\n\n\n

\u201cWe are pleased to announce the handover of Home Credit Philippines to our new shareholders Krungsri and MUFG, both market leaders in the financial industry. Together with our new shareholders, we are opening the next chapter for Home Credit Philippines, building on the high performance that we have set over the past nine years. We are optimistic of our future together,\u201d shared David Minol, Home Credit Philippines\u2019 CEO.<\/p>\n\n\n\n

\u201cThe acquisition of Home Credit Philippines is a testament to the strong business it has established in the country and the growth opportunity that Krungsri and MUFG have seen for the company to further expand and maintain its dominance in the local consumer finance market,\u201d Minol added.<\/p>\n\n\n\n

\u201cI want to put on record, our congratulations to our colleagues at Home Credit Philippines for an incredible job well done,\u201d said Home Credit Group CEO, Radek Pluhar. \u201cTogether, we have empowered nearly 10 million Filipinos to access the formal economy, via our innovative products and services. We are proud of these achievements and will be watching the company\u2019s future growth with interest.\u201d<\/p>\n\n\n\n

The company has grown to become a market leader having the widest distribution network of more than 15,000 stores nationwide. This allowed Home Credit Philippines to acquire a growing customer base of almost 10 million as of date in its nearly 10 years of operations in the country.<\/p>\n\n\n\n

Krungsri President and Chief Executive Officer Kenichi Yamato said, \u201cWith the acquisition of Home Credit in the Philippines, we have achieved another significant milestone in our ASEAN expansion strategy through the successful execution of our medium-term business plan. By incorporating Home Credit in the Philippines into its portfolio, the Bank aims to cater to the evolving financial needs of consumers with a full range of innovative consumer finance products and services. Building upon its strong presence in the high potential country, this acquisition further solidifies Krungsri\u2019s position as a leading financial institution in ASEAN.\u201d<\/p>\n\n\n\n

\u201cWith the expertise and extensive experience, Krungsri, together with Home Credit, is well-positioned to capitalize on the growing demand for consumer finance solutions and reaffirms its commitment to providing suitable products and services that empower individuals and drive sustainable growth in the market.\u201d<\/p>\n\n\n\n

This transaction is set to bolster the business operations of Home Credit Philippines as it continues to provide more Filipinos access to credit while building on Krungsri\u2019s expertise as one of Thailand\u2019s finance leaders.<\/p>\n\n\n\n

Home Credit Philippines is expected to retain its brand and continue its usual operations under the same local leadership team, with guidance from Krungsri. The company aims to further grow its consumer finance portfolio as it synergizes with both banks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Home Credit Philippines is expected to retain its brand and continue its usual operations under the same local leadership team.<\/p>\n","protected":false},"author":6,"featured_media":54594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[5354,96,2727,1656],"class_list":["post-56429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-home-credit","tag-technology","tag-technology-adaption","tag-technology-investment"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/56429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=56429"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/56429\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/54594"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=56429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=56429"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=56429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}