Home Credit Sells Asian Business to MUFG Consortium
Home Credit Group BV announced the signing of an agreement to sell its businesses in Indonesia and the Philippines to a consortium affiliated with Mitsubishi UFJ Financial Group (MUFG) for 615 million euros. The consortium is led by Krungsri Bank, a leading bank in Thailand, and consists of MUFG, Adira Finance, and local Indonesian investors.
Home Credit Management in a press release stated that the transaction would be completed in the second half of 2023, subject to the approval of Krungsri shareholders and generally accepted regulations. "Home Credit was founded about ten years ago, both in the Philippines and Indonesia. At present, both are developing into technology-based financial service providers that lead the market," said Jean-Pascal Duvieusart, CEO of Home Credit Group, on Thursday.
The transfer of shares to new shareholders will accelerate the growth of the two companies which are entering a new phase. "This transaction is a form of support and confidence in the quality of our business and team which can further strengthen our position as a leading financial company in Indonesia," said Animesh Narang, Chief Executive Officer of Home Credit Indonesia.