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 deal the SCB board had first approved on 27 February 2024.
SCB's board approved the acquisition on 27 February 2024 and shareholders approved it on 20 March 2024; the deal targeted 100% of Home Credit Vietnam for approximately VND20.97 trillion (about $796 million, or 31 billion baht).
CONDITIONS PRECEDENT COULD NOT BE FULFILLED
SCB told the Stock Exchange of Thailand that certain external factors beyond the control of the parties meant the conditions precedent in the share purchase agreement could not be fulfilled within the required timeframe. The bank did not specify which conditions remained unmet.
The termination carries no financial impact on SCB's financial position, the bank stated.
Home Credit Vietnam Finance Company Limited was being sold by Home Credit N.V. The company recorded net revenue of VND 2.08 trillion in 2025, a 60.9% increase year-on-year, and its total assets reached VND37.39 trillion at the end of 2025, up 36.8% over the year.
SCBX STRATEGY CONTINUES WITHOUT THE DEAL
Separately, SCBX said it had set up a new virtual-bank subsidiary, Bank X Public Company Limited, in which it holds 90%, with plans to raise its registered capital to 5 billion baht within 2026. Bank X is working with KakaoBank and WeBank Technology Services.
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