Kasikornbank (KBank), the second-largest lender in Thailand by whole assets, is in preliminary discussions to acquire client finance provider Home Credit Vietnam. This move is a half of KBank’s ASEAN business expansion. Home Credit Vietnam belongs to the Netherlands-based non-bank financial institution, Home Credit Group, which is planning to dump its ASEAN businesses.
KBank govt vice-president Pattarapong Kanhasuwan revealed the deal is in the early stages and the financial institution must spend more time finding out the feasibility and pricing earlier than making a bidding decision.
“In addition to Home Credit, we’re exploring other potential deals in Vietnam.”
KBank launched a department in Vietnam in August 2022, under the ASEAN+3 strategy, geared toward regional growth through numerous enterprise models for each natural and inorganic development. By 2023, the bank aims to achieve 20 billion baht in excellent loans and a customer base of 1.2 million in Vietnam.
KBank’s strategy in Vietnam centres on enterprise scale, customer base, and competitiveness, with digital tech as a key driver. Its subsidiary, Kasikorn Business Technology Group (KBTG), established KBTG Vietnam Co Ltd to supply digital banking providers.
Krungsri (Bank of Ayudhya) is acquiring a 75% majority stake in Home Credit’s consumer finance business in Indonesia and the Philippines, with an preliminary consideration of 474 million euros, aligning with its ASEAN expansion.
Finnoventure Fund I, managed by Krungsri Finnovate, is investing in MFast, a prominent fintech startup in Vietnam. MFast just lately secured US$6 million in Series A funding, with participation from new buyers Finnoventure Fund I and Headline Asia, along with returning backers Do Ventures, JAFCO Asia, and Ascend Vietnam Ventures.
Incredibly operates Vietnam’s leading monetary providers distribution community with a hundred and sixty,000 lively agents serving prospects in tier 2 and tier three cities. They facilitate entry to loans, insurance coverage, and high-value gadgets, bridging gaps left by brands with no rural branches.
Follow more of The Thaiger’s latest stories on our new Facebook web page HERE..