Vietnam's consumer finance sector sees renewed merger momentum

On March 9, SHBFinance received in-principle approval from the State Bank of Vietnam to convert its operating model from a two-member limited liability finance company into a single-member limited liability finance company.

The move is part of a broader trend of consolidation in the consumer finance market, which continues to draw strong interest from both domestic and foreign financial groups despite past volatility.

The legal restructuring forms part of SHB’s roadmap to transfer the remaining 50 per cent of its charter capital in SHBFinance to Bank of Ayudhya Public Company Limited (Krungsri), Thailand’s fifth-largest financial group.

Vietnam's consumer finance market has great appeal to domestic and foreign investors

During the transition, SHBFinance will continue operating under its current name, maintaining its charter capital, headquarters, scope of operations, as well as all existing rights and obligations.

Upon completion, Krungsri will own 100 per cent of the company. Krungsri is a member of Mitsubishi UFJ Financial Group (MUFG), one of the world’s largest financial institutions. In 2023, SHB completed the transfer of 50 per cent of its charter capital in SHBFinance to the Thai bank.

Khlon Olena, CEO and legal representative of SHBFinance, said the legal transformation marks an important step in the company’s development journey.

“The combination of governance expertise and financial strength from Krungsri and MUFG, together with a deep understanding of the Vietnamese market, will enable SHBFinance to deliver comprehensive financial solutions to consumers,” she said.

Established in 2018 with charter capital equivalent to $40 million, SHBFinance operates in consumer finance, offering products such as cash loans, credit cards and online lending.

After eight years of operation, the company has served around six million loan applications, built a business network across 34 localities across Vietnam, and employs nearly 5,200 staff, placing it among Vietnam’s major consumer finance companies.

On March 24, southern-based HDBank announced it had increased its ownership in HD Saison Finance Co., Ltd. from 50 per cent to 75 per cent, officially taking a controlling stake.

The move is seen as a strategic step to strengthen the consumer finance pillar – one of the key high-margin growth drivers within the HD Financial Group (HDFG) ecosystem.

According to HDBank, the higher ownership stake enhances control and allows consolidation of economic benefits, while accelerating data integration and leveraging an ecosystem of more than 34 million customers.

It also helps optimise cross-selling efficiency across banking, consumer finance, digital banking and securities.

Within HDFG’s structure, HD Saison leads mass-market consumer finance encompassing more than 33 million customers; Vikki Bank serves as a digital bank targeting young customers and micro-enterprises; HDBank acts as the core bank for mid- to high-end segments and corporate clients; while HD Securities operates in investment services and asset management.

HD Saison is currently among the most efficient consumer finance companies in the market, with return on average equity exceeding 22 per cent, return on assets (ROA) ranging from 5 to 5.8 per cent, cost-to-income ratio at nearly 37 per cent, and capital adequacy ratio above 24 per cent – among the highest in the industry.

In 2025, HD Saison’s outstanding loans grew by 21.2 per cent, while pre-tax profit approximated $55.6 million, the highest level on record. In the coming period, the company aims to maintain ROE at around 25 per cent and ROA at about 5 per cent, while ensuring strong growth alongside tight risk control.

Meanwhile, Home Credit Vietnam called off its merger and acquisition deal with a Thai partner in March 2026.

Particularly, on March 26, Home Credit Group and SCBX Public Co., Ltd. confirmed the termination of the Home Credit Vietnam merger agreement due to objective factors that prevented the transaction conditions from being met within the agreed timeframe.

Earlier, the Board of Directors of Siam Commercial Bank (SCB) had approved a plan to acquire 100 per cent of Home Credit Vietnam at a valuation of approximately $839 million.

Home Credit Group had also announced the transfer of all of its equity in Home Credit Vietnam Finance Company to SCB, a member of SCBX, in a deal valued at around €800 million (equivalent to $865 million).

Despite the failed transaction, Home Credit Vietnam reported strong financial results for 2025. According to its financial statements submitted to the Hanoi Stock Exchange, total assets rose 36.8 per cent compared to the start of the year, driven by growth in retail lending, while total outstanding credit increased 37.4 per cent.

The company posted after-tax profit of $83.04 million in 2025, up 60.7 per cent on-year. The strong growth reflects the effectiveness of its digital transformation strategy and customer-centric approach.

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