Thai bank SCBX acquires Home Credit Vietnam in $866m deal

Radek Pluhar (left), CEO of Home Credit Group, and Arthid Nanthawithaya, CEO of SCBX / Photo credit: SCBX

Thailand-based bank SCBX is acquiring a 100% stake in the consumer finance firm Home Credit Vietnam through an 800 million euro (US$866 million) deal.

The acquisition, which will be carried out via SCBX unit Siam Commercial Bank, is expected to be completed in the first half of 2025, pending regulatory approvals in Vietnam and Thailand, according to a statement from the companies.

The move comes over a year after Home Credit divested its operations in Indonesia and the Philippines, for a total of around 615 million euros (US$666 million). Previously, Grab was reported to be in the running to acquire Home Credit’s assets in Southeast Asia and India.

Home Credit, founded in 1997 in the Czech Republic and owned by the international investment firm PPF Group, entered Vietnam in 2009.

It claimed to hold the second-largest market share in the country’s consumer finance, accounting for 14% of total market. The company has nearly 6,000 employees and 15 million customers in Vietnam.

“Home Credit Vietnam will serve as an important base for the SCBX Group’s presence in Vietnam and immediately contribute a positive bottom line to the group after deal completion,” said Arthid Nanthawithaya, CEO of SCBX.

Headquartered in the Netherlands, Home Credit is also present in China, as well as multiple countries in Europe and the US. The company has served 140 million customers in over 25 years and has more than 100 million registered app users globally.

See also: Mapping Vietnam’s latest fintech battlefield: digital lending

Currency converted from euros to US dollar: US$1 = 0.92 euros