Bank of Ayudhya (BAY) announced the successful acquisition of Kredit Cartref, a credit business in the Philippines, which holds 75% of the shares together with parent company MUFG which holds 25% of the shares.
Bank of Ayudhya Public Company Limited (BAY) announced the acquisition of 75% of HC Consumer Finance Philippines, Inc., or Home Credit, in the Philippines. which operates in the field of consumer finance At the same time, MUFG acquired the remaining 25% of Home Credit in the Philippines.
Krungsri also acquired 100% of shares in HCPH Financing 1, Inc. and HCPH Insurance Brokerage, Inc., businesses that support home credit in the Philippines.
Mr revealed Kenichi Yamato, President and CEO of BAY, that Acquisition of Home Credit in the Philippines This marks another important milestone for Krungsri in expanding its business to ASEAN under its medium-term business plan by integrating Home Credit in the Philippines into Krungsri.
The bank aims to meet the diverse financial needs of Philippine consumers with a full range of innovative consumer finance products and services. Building a strong business in the Philippines which is a country with medium-term economic growth potential of 6.0-6.5% per year, enhances Krungsri’s status as a leading financial institution in ASEAN.
For Home Credit is a consumer loan service provider. Established in 1997, Kredit Cartref now operates in many countries and offers a wide range of services. including credit products and separate insurance services Over the past 25 years, Credit Cartref has served over 140 million customers and over 100 million registered users of the program.
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