Manila, Philippines – Security Bank has announced that it has entered into an agreement to acquire a 25% stake in HC Consumer Finance Philippines, Inc. (HCPH), also known as Home Credit Philippines. This strategic move underscores Security Bank’s commitment to enhancing its consumer finance capabilities and expanding its market presence.
Through the agreement, Security Bank will purchase the 25% ownership stake in HCPH from MUFG Bank Ltd. for approximately PHP11b. Krungsri (Bank of Ayudhya PCL and its business units) will continue to hold a 75% ownership stake in HCPH and remain the majority shareholder.
This transaction marks eight years of the Security Bank and MUFG strategic alliance, which started in 2016. It also represents the second partnership between Security Bank and Krungsri, following their SB Finance, Inc. joint venture.
The acquisition aligns with Security Bank’s strategic vision to become the most customer-centric bank in the Philippines. The transaction is subject to regulatory approvals, with target closing in the first quarter of 2025.
Sanjiv Vohra, president and CEO at Security Bank, said, “As we welcome Home Credit into the Security Bank family, we’re excited by the strategic benefits this acquisition brings. This is a tremendous opportunity to leverage synergies, offer innovative lending solutions, and support financial inclusion. We look forward to driving growth and delivering value to our stakeholders together.”
Meanwhile, Yasushi Itagaki, group COO-I and head of global commercial banking business at MUFG, commented, “We are delighted to enter into this agreement with Security Bank as we believe that Security Bank will complement Krungsri in Home Credit Philippines. Security Bank’s on-the-ground presence and understanding of the local market will bring forth continued growth for Home Credit Philippines.”
