SCB X Public Company Limited (SET: SCB) is expecting to ink the deal to acquire Home Credit’s business in Vietnam, according to the report by Bloomberg.
Citing people familiar with the matter, Bloomberg reported that one of the biggest commercial banks in Thailand, SCB, has emerged as a favourite buyer of Home Credit’s business in Vietnam due to its offer that outbidded other rivals, including Thailand’s Kasikornbank Public Company Limited (SET: KBANK) and KB Kookmin Bank, a unit of South Korea’s KB Financial Group Inc.
The deal is valued at $800-900 million, which is higher than the previous assessment of $700 million in asset valuation in the report last year.
The divestment in Vietnam business is a part of its strategy to improve business operations as its owner PPF Group NV is shifting its focus back to Europe. The company has been reviewing its business in Asia after it backed off from a $1.5 billion IPO in Hong Kong.
In 2023, Bank of Ayudhya Public Company Limited (SET: BAY) announced that it had completed the purchase of Home Credit in the Philippines and Indonesia.
