In a significant move within the consumer finance industry, Thailand’s Krungsri and Japan’s Mitsubishi UFJ Financial Group (MUFG) joined forces to acquire Home Credit Philippines for P24.4 billion. The acquisition is in line with Krungsri’s expansion plans in ASEAN and reflects the growth potential the two companies envision for Home Credit Philippines. This strategic partnership aims to cater to the changing financial needs of Filipino consumers by offering a comprehensive range of innovative consumer finance products and services.
Home Credit Philippines, a subsidiary of the Czech Republic-based PPF Group, recently announced that it has been acquired by Krungsri and MUFG. Krungsri, with a 75 percent stake, and MUFG, with the remaining 25 percent, made a significant entry into the Philippine market, underscoring their commitment to expanding their consumer finance operations within the region. in ASEAN.
The acquisition of Home Credit Philippines represents a strategic move by Krungsri and MUFG to tap into the country’s thriving consumer finance market. With the company’s established brand and strong presence in the Philippines, the acquisition provides a valuable growth opportunity for Krungsri and MUFG to further expand their reach and maintain dominance within the industry. local consumer finance.
Despite the change in ownership, Home Credit Philippines assures its customers that it will continue to operate under the same local leadership team and retain its well-known brand. The acquisition is expected to empower Home Credit Philippines with Krungsri’s support and guidance, enabling the company to enhance its customer-centric approach and cater to the changing financial needs of Filipinos.
Krungsri President and CEO Kenichi Yamato expressed his optimism about the acquisition, saying, “By adding Home Credit in the Philippines to its portfolio, the Bank aims to cater to the changing or the financial needs of consumers with a full range of consumer financial products and services.” This collaboration will enable Home Credit Philippines to leverage the expertise and resources of Krungsri and MUFG, which will ultimately benefit Filipino consumers through better access to credit and financial solutions.
Home Credit Philippines has experienced remarkable growth, with its customer base reaching nearly 10 million. The acquisition of Krungsri and MUFG is expected to further enhance Home Credit Philippines’ business operations and strengthen its position as a key player in providing credit access to Filipinos. With this strategic partnership, Home Credit Philippines can leverage the extensive networks and expertise of Krungsri and MUFG to enhance its services and promote financial inclusion in the Philippines.
The acquisition of Home Credit Philippines by Krungsri and MUFG marks a significant development within the consumer finance industry in the Philippines. This strategic partnership shows the confidence that both companies have in the growth potential of the local market. With a focus on offering innovative consumer finance products and services, the collaboration aims to cater to the evolving financial needs of Filipino consumers, drive financial inclusion and empower the individuals with more access to credit and financial solutions.