SECURITY Bank Corp. announced last week that that it had completed the acquisition of a 25-percent stake in HC Consumer Finance Philippines Inc. (HCPH), or Home Credit Philippines, reinforccing its position in the country’s growing consumer finance market.
It was announced, that the bank said the acquired from Mitsubishi UFJ Financial Groupo (MUFG) Bank Ltd. was completed for a base price of P10.365 billion, with post-closing adjustment to be computed based on HCPH’s change in net asset value from Dec. 31, 2023 to April 30, 2025.
The deal, which was said to have secured regulatory approval from the Bangko Sentral ng Pilipinas, marks a significant strategic move for Security Bank in its ongoing push toward enhancing retail financial services.
Krungsri (Bank of Ayudhya PCL and its business units), a subsidiary of MUFG, remains the majority owner with a 75-percent stake in HCPH.
STRATEGIC INVESTMENT. “With this milestone transaction, we’re pleased to formally welcome Home Credit Philippines to the Security Bank family. This strategic investment enables us to deepen our participation in the fast-growing consumer finance space and unlock new opportunities to better serve the evolving financial needs of Filipinos,” Security Bank President and CEO Sanjiv Vohra, said.
The acquisition is expected to solidify the alliance between Security Bank and MUFG, which began in 2016. It also marks the second collaboration between Security Bank and Krungsri, following their joint venture in SB Finance Inc.
MUFG Group Chief Operating Officer–International Yasushi Itagaki, said “Security Bank’s strong local footprint, deep market insights and commitment to financial innovation will serve as a powerful complement to Krungsri’s regional capabilities and long-term vision for Home Credit Philippines.”
“This partnership reinforces our shared objective of driving financial inclusion and expanding access to responsible consumer lending solutions in the Philippines,” he added.
With additional report: The Manila Times, Earl John Alfaro
