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Thailand's lender in talks to buy Home Credit for $1 billion
Kasikornbank, Thailand's second-largest lender, is in discussions to acquire consumer lending firm Home Credit Vietnam in a deal for up to US$1 billion with the aim of boosting its footprint in Việt Nam, according to sources cited by Reuters.
Home Credit Group is controlled by the Czech Republic’s PPF. — Photo vietnamfinance.vn
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By 2027, the Bangkok-based lender, also known as KBank, aspires to amass enough assets to rank among the top 20 banks in Việt Nam. Its $119.7 billion in total assets are second only to Bangkok Bank in Thailand, according to Refinitiv statistics.
A prospective merger and acquisition would make KBank the second-largest financial industry transaction in Việt Nam this year after the sale of a $1.5 billion share in VPBank to Japan's Sumitomo Mitsui in March, underscoring a trend of consolidation in the region's financial sector.
KBank has discussed the potential acquisition with financial advisors, however discussions are still ongoing and no decisions have been taken, according to sources.
In a stock exchange filing on Wednesday, KBank acknowledged that it was considering a partnership with Home Credit.
It said that it would provide details if a deal did take place while saying that it is constantly looking for different business opportunities in Việt Nam.
Home Credit Group is controlled by the Czech Republic’s biggest investment group, PPF, which was founded by the late billionaire Petr Kellner.
It reported a wider loss in the first half of 2022, mainly due to the impact of the sale of Russian operations.
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