Security Bank Corporation has entered into an agreement with MUFG Bank Ltd. to purchase a 25% share in Home Credit Philippines for approximately P11 billion, aiming to enhance its consumer finance capabilities and market presence.
Security Bank Corporation is purchasing a 25% share in Home Credit Philippines in a bid to further increase its presence in the consumer financing market.In a statement, Security Bank said it entered into an agreement with MUFG Bank Ltd. for the acquisition of 25% ownership in HC Consumer Finance Philippines Inc., popularly known as Home Credit.The purchase price was pegged at approximately P11 billion.
Home Credit is a leading consumer financing company in the country with over 11 million customers served, offering a comprehensive range of financial products, including point-of-sale loans, cash loans, revolving credit, and ancillary products such as insurance and warranty services.Home Credit is also a POS market leader with strong partnerships with top retailers and brands and a nationwide presence covering more than 15,000 POS locations.
Security Bank Home Credit Philippines MUFG Bank Consumer Financing Market Expansion
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