Home Credit Philippines has been acquired today for Php 24.4 billion by two companies: Thailand’s Krungsri and Japan’s Mitsubishi UFJ Financial Group (MUFG).
As reported by CNN Philippines, Krungsri will hold a 75% majority stake while MUFG will have 25%.
Home Credit Philippines CEO David Minol said that the acquisition shows the company’s success as one of the country’s leading consumer finance providers.
“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,” Minol said.
A report from ABS-CBN News on the acquisition also mentioned that Home Credit Philippines is expected to keep its brand and continue operating as usual, even under the new ownership from the two foreign firms.