Thailand's SCBX Signs Agreement to Acquire 100% of Home Credit Vietnam for Approximately USD 851 Million

SCB X, through its banking subsidiary Siam Commercial Bank, has signed a share purchase agreement to acquire 100% of Home Credit Vietnam Finance Company from Home Credit NV, the parties confirmed on 28 February 2024. The deal is valued at approximately VND 20,973 billion, equivalent to roughly THB 31 billion or USD 851 million at prevailing exchange rates.

Home Credit Vietnam is the country's second-largest consumer finance platform, serving a customer base of lower- and middle-income borrowers seeking instalment loans for electronics, household goods, motorcycles and other retail purchases through a network of partner retailers and lending points.

DEAL STRUCTURE AND REGULATORY APPROVAL PROCESS

The share purchase agreement was formally signed on 28 February 2024 and the transaction is expected to close in the first half of 2025, subject to approvals from the relevant competent authorities. In Vietnam, the transfer of ownership in a licensed consumer finance company requires approval from the State Bank of Vietnam.

The seller, Home Credit NV, is the Dutch parent of the Home Credit group, a consumer finance business with operations spanning multiple Asian markets as well as Central Europe. For SCBX, the acquisition fits within a stated strategy to expand the group's presence in regional financial technology and financial services beyond the Thai home market.