Home Credit to sell Vietnam wing to SCB

February 29, 2024 | 09:54

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Home Credit Group announced on February 28 that it has signed a conditional framework agreement to sell its Home Credit Vietnam business to The Siam Commercial Bank Public Co., Ltd. (SCB), part of SCBX Public Co., Ltd. (SCBX).

The transaction could amount to approximately $865 million, with the deal expected to be completed in the first half of 2025, following regulatory approvals in Vietnam and Thailand.

Home Credit Vietnam – owned by PPF Group - was launched in 2009 and has gone on to become an established player in the country’s consumer finance sector, undergoing rapid digitalisation recently. At the time of launch, it represented Home Credit Group’s first foray into Southeast Asia.

In addition, the business holds the second-largest market share in the Vietnamese consumer finance sector, which stands at approximately 14 per cent of the total market.

“Home Credit Vietnam has grown rapidly to a market leadership position since the business launched fifteen years ago,” said Radek Pluhar, CEO, Home Credit Group. “I wish to congratulate my colleagues on building a successful and respected business that has served over 15 million Vietnamese customers, as they look ahead to this exciting new chapter. We are passing the baton to new owners, and I am confident the business has an even brighter future.”

SCBX is SCB’s parent company and one of Thailand’s top fintech groups. SCB is the fourth-largest bank in Thailand, as measured by total assets.

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By Thanh Van

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