Manila, Philippines – Global consumer finance provider Home Credit has announced that it is selling its Philippine and Indonesian operations, with a valuation of €‎615m. The transaction is expected to be completed in H2 2023.

The transaction has been reached with a consortium with Mitsubishi UFJ Financial Group (MUFG), led by Thai bank Krungsri Bank, Japanese bank MUFG Bank, Indonesian credit facility Adira Finance, and an undisclosed local Indonesian investor.

Details of the transaction include Krungsri and MUFG Bank purchasing 75% and 25% respectively of Home Credit Philippines for a valuation of €406m; while Krungsri, Adira and a local Indonesian investor will purchase 75%, 10%, and 15%, respectively of Home Credit Indonesia for a valuation of €209m.

Jean-Pascal Duvieusart, CEO of Home Credit Group, said, “Home Credit launched around ten years ago in both the Philippines and Indonesia. In that time, they have flourished into market leading tech-based financial services companies. The success is down to our strong omnichannel network, highly regarded brand and robust customer base.”

He added, “It is now the right time for us to pass the baton onto new shareholders who can accelerate growth for these two exciting businesses as they approach this new phase. Both of these markets have played key roles in Home Credit and we will be watching their future with pride and interest.”

Bangkok, Thailand – In a time of pandemic uncertainty and economic instability, each one of us are always finding ways to spark joy within ourselves. And to showcase what the internet has to say about the various factors that make us happy, bank KrungSri has partnered with advertising company Wunderman Thompson Thailand to create a music video that would reflect just exactly that. 

Produced by musician and director Morvasu, as well as illustrator Kanith, the music video dedicated to Krungsri’s mobile application utilizes the app’s social listening data, which enabled the team to compose the music’s lyrics that ring true to the genuine ways that spark people’s happiness such as ‘Waking up to a nice cup of coffee’, ‘Unboxing my new toy’, and ‘Getting paid cures all ailments’. 

The final verse of the MV, titled ‘Simple Happiness’ focuses on the benefits of the app, and how “Happiness is easy…as mobile banking”.

For Mingkwan Pattanawong, executive vice president and head of corporate branding and marketing division at Bank of Ayudhya, the campaign not only reflects Krungsri’s brand promise of ‘Make Life Simple’, but also aims to give happiness back to consumers under the epidemic situation and during the year-end celebration.

“It is just like KMA – Krungsri Mobile App, which is easy to use, meets every financial transaction need, and helps make consumers smile. For this campaign, we work with Wunderman Thompson to use a new creative style of music marketing by bringing more than 2 million voices of Thai people from social media channels that reflect their simple happiness to create this new song and MV. We believe that this campaign will give our target audience a moment of happiness and smiles together,” Pattanawong said.

Meanwhile, Thasorn Boonyanate, executive creative director at Wunderman Thompson Thailand, commented, “Bank of Krungsri wants to change their appeal from a classic, traditional bank into a more digitally driven service with their app called ‘KMA’. With the tension of COVID-19 where everyone is more stressed than ever, we thought [to create] an entertaining and relaxing music video, combining all the things people love to see with the recent trend where people love to watch ‘Satisfying Video – Lofi – Relax’ videos.”