Kasikornbank Public Company Limited (SET: KBANK) and SCB X Public Company Limited (SET: SCB) are major Thai banks among the final bidders for consumer lender Home Credit’s business in Vietnam for an estimated value of $700 million in assets, according to the report by Bloomberg.
The report cited sources familiar with the matter, which also said that South Korea KB Kookmin Bank is also at the final stage as well.
The source said that Home Credit Vietnam is expecting to identify the buyer by the end of this year, but is also open to keeping the assets for longer.
The divestment in Vietnam business is a part of its strategy to improve business operations as its owner PPF Group NV is shifting its focus back to Europe. The company has been reviewing its business in Asia after it backed off from a $1.5 billion IPO in Hong Kong.
This year, Bank of Ayudhya Public Company Limited (SET: BAY) announced that it has completed the purchase of Home Credit in the Philippines and Indonesia.