Bank of Ayudhya Public Company Limited (SET: BAY) announced on November 24, 2022, that the bank’s board of directors meeting No.11/2022 held on November 23, 2022, approved to propose to the extraordinary general meeting of shareholders to consider and approved the acquisition of consumer finance business of home credit businesses in Indonesia and Philippines.
The purchases of 75% of the share capital of PT. Home Credit Indonesia from Home Credit Indonesia B.V. and Ms. Wanda Ariestiani Evans, with the consideration of approximately EUR 176.4 million or THB 6.6 billion.
The purchases of 75% of the share capital of HC Consumer Finance Philippines, Inc and the share capital of 100% of HCPH Financing 1, Inc. and HCPH Insurance Brokerage, Inc. from HC Philippines Holdings B.V. and Filcommerce Holdings, Inc., with the consideration of approximately EUR 297.6 million or THB 11.1 billion.
The consumer finance business of Home Credit businesses in Indonesia and Philippines to engage in the business of personal loan to consumers in the mass market and upper mass market.
The benefit of transactions to the bank to support growth and increase the bank’s competitive advantage of the bank’s consumer finance business in Indonesia and the Philippines in the long run.