Thailand, Japan firms take over Home Credit PH for ₱24.4B

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Metro Manila (CNN Philippines, June 2) ⁠— Two major financial groups based in Thailand and Japan have completed their acquisition of consumer finance provider Home Credit Philippines for ₱24.4 billion.

Home Credit Philippines announced that Thailand’s Krungsri and Japan’s Mitsubishi UFJ Financial Group (MUFG) are officially taking the helm of the company on Friday.

Krungsri holds the majority stake of 75%, while MUFG has the remaining 25%.

David Minol, CEO of Home Credit Philippines, expressed confidence that the new leaders on board can maintain its growth momentum in the local market.

“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," Minol said. "We are optimistic about our future together."

“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,” he added.

After almost a decade of presence in the Philippines, Home Credit has grown its customer base to nearly 10 million, with a distribution network of 15,000 stores nationwide.