Siam Commercial Bank, the Thai lender operating under the SCBX holding group, has terminated its planned acquisition of Home Credit Vietnam after the conditions precedent attached to the share purchase agreement could not be fulfilled within the agreed timeline. The termination was approved by the SCB board on 20 March 2026, ending a transaction that had been in progress for more than two years and had been one of the more prominent cross-border banking acquisition attempts in Southeast Asia during that period.
The original share purchase agreement was signed on 28 February 2024, with the deal targeting 100% of Home Credit Vietnam's equity at a valuation of approximately $796 million. The intended transaction attracted significant regional attention at the time of signing as evidence of Thai banks' ambitions to expand their presence in Vietnam's rapidly developing consumer finance market.
CONDITIONS PRECEDENT COULD NOT BE FULFILLED
SCB confirmed that the termination resulted from conditions precedent to the transaction proving impossible to satisfy within the contractually agreed timeframe. The bank did not specify which conditions remained unmet, but cross-border banking acquisitions in Vietnam typically require approvals from the State Bank of Vietnam and other relevant regulatory bodies, processes that can extend over lengthy periods and are subject to evolving policy priorities and inter-agency coordination requirements.
The termination carries no financial impact on SCB's financial position, the bank stated, indicating that no material break fee or compensation payment is expected to flow between the parties as a result of the deal's collapse. That outcome is consistent with agreements structured around conditions-precedent failure rather than a unilateral withdrawal, where the standard contractual remedy is typically mutual release rather than a penalty payment to the counterpart.
Home Credit Vietnam, the consumer finance subsidiary of the Czech-headquartered Home Credit group, had continued to perform strongly on an operational basis throughout the period the deal was under regulatory review. The company recorded net revenue of VND 2.08 trillion in 2025, a 60.9% increase year-on-year, demonstrating that the underlying business retained strong growth momentum regardless of the uncertainty surrounding its potential ownership change.
SCBX STRATEGY CONTINUES WITHOUT THE DEAL
For SCBX, the collapse of the Home Credit Vietnam transaction removes one of the more ambitious inorganic growth options the group had been pursuing as part of its strategy to expand into higher-growth regional markets beyond Thailand. The SCBX holding structure was established specifically to facilitate this kind of strategic diversification, separating investments and new ventures from the core SCB banking operation and giving the group greater structural flexibility.
Vietnam had been an attractive target for regional banks given its young and growing population, a rising middle class, and relatively low formal credit penetration compared with more mature Southeast Asian banking markets such as Singapore, Malaysia, and Thailand. The consumer finance segment in which Home Credit Vietnam operates was seen as particularly attractive given the limited competition from domestic commercial banks in the sub-prime and near-prime lending space.
SCBX has not indicated whether it intends to pursue alternative acquisition targets in Vietnam or other regional markets in the near term. The group's leadership has previously articulated a preference for fintech and digital financial services investments alongside traditional bank acquisitions, leaving open a range of possible strategic directions as it reconfigures its plans following the termination.