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Kasikornbank (KBank), one of Thailand's leading banks, is in important negotiations to acquire the financial company Home Credit in Vietnam, with an estimated value of nearly $1 billion USD, according to information from Reuters.
If this deal is completed, it will mark a significant milestone in Vietnam's financial industry, representing the second-largest merger after FE Credit sold a 15% stake to a Japanese bank for up to $1.5 billion.
KBank, ranked third among Thailand's largest banks by total assets, reached $122.9 billion at the end of 2022. To explore strategic cooperation opportunities, KBank has consulted financial experts; however, no official decision regarding this deal has been announced yet.
According to Reuters, KBank has expanded its credit services to small retail stores in Thailand, and collaborating with Home Credit could be a crucial step to extend these operations into the Vietnamese market. KBank has confirmed the information about these negotiations and announced it on the stock exchange, indicating that they are actively seeking new business opportunities in Vietnam. However, the completion of the deal still depends on various factors.
Home Credit Vietnam, a 100% foreign-invested financial company, is owned by PPF Group, a conglomerate founded by the late billionaire Petr Kellner from the Czech Republic. Currently, Home Credit ranks second in the consumer lending sector in Vietnam, following FE Credit. The company has approximately 6,000 employees and serves over 15 million customers, mainly low-income individuals or those without credit history.
KBank, established in 1945 by Choti Lamsam and listed on the stock exchange since 1976, was granted a license to open a branch in Vietnam in 2021. Initially, KBank focused on providing services for Thai businesses and foreign companies investing in Vietnam. However, recent information indicates that the bank is planning to expand its operations into the retail sector to meet customer demand in the Vietnamese market.
In May this year, KBank's branch in Ho Chi Minh City increased its charter capital from $80 million to $285 million, becoming one of the foreign bank branches with the highest charter capital in Vietnam.
Source: Quỳnh Trang (vnexpress.net)