Security Bank Corp. has announced an agreement to acquire a 25 percent stake in Home Credit Philippines (HCPH), a leading consumer financing company in the country, from MUFG Bank Ltd. for approximately P11 billion. The acquisition marks a significant expansion of Security Bank’s consumer finance capabilities and complements its growing market presence.
While Krungsri (Bank of Ayudhya PCL and its subsidiaries) will remain the majority shareholder with a 75 percent stake in HCPH, the move further strengthens Security Bank’s commitment to offering innovative lending solutions and supporting financial inclusion across the Philippines.
Home Credit, which has served over 11 million customers, is the market leader in point-of-sale (POS) loans, cash loans, revolving credit, and related products such as insurance and warranties. With a nationwide network spanning over 15,000 POS locations, the company has forged strong partnerships with top retailers and brands.
“We are excited to welcome Home Credit into the Security Bank family,” said Sanjiv Vohra, president and CEO of Security Bank. “This acquisition creates significant synergies and opportunities for growth. We are confident it will enhance our ability to provide innovative lending solutions while driving financial inclusion and delivering value to our stakeholders.”
Yasushi Itagaki, Group COO-I and head of Global Commercial Banking at Krungsri, expressed confidence in the partnership, stating, “We believe that Security Bank’s local market expertise will complement Krungsri’s involvement, ensuring continued growth for Home Credit Philippines.”
This transaction marks the latest chapter in the long-standing strategic partnership between Security Bank and MUFG, which began in 2016. It also represents the second collaboration between Security Bank and Krungsri, following their joint venture in SB Finance, Inc.
The acquisition is subject to regulatory approvals and is expected to close by the first quarter of 2025. Security Bank was advised by AlphaPrimus Advisors and Picazo Law for this transaction.
