Home Credit sees further growth in Philippines

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Home Credit is further growing its consumer finance portfolio in the Philippines as it synergizes with new shareholders Bank of Ayudhya (Krungsri) of Thailand and the Mitsubishi UFJ Financial Group (MUFG) of Japan.

'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,' Home Credit Philippines CEO David Minol said.

Last year, Krungsri and MUFG spent P24.4 billion to acquire Home Credit Philippines from the PPF Group of Czech Republic. Krungsri holds the majority stake of 75 percent with MUFG holding the remaining 25 percent.

'The 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,' Minol said.

'Together, 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's future growth with interest,' Home Credit Group CEO Radek Pluhar said.

Home Credit Philippines has grown to become a market leader having the widest distribution network of more than 15,000 stores nationwide. Its customer base of almost 10 million continues to grow after a decade of operations in the country.

Krungsri president and CEO Kenichi Yamato said it achieved another significant milestone in its ASEAN expansion strategy through the successful execution of its medium-term business plan with the acquisition of Home Credit Philippines.

'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's position as a leading financial institution in ASEAN,' Yamato said.

He said that 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.

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's expertise as one of Thailand's finance leaders.