Security Bank Corp. said Friday it completed the acquisition of a 25-percent stake in HC Consumer Finance Philippines Inc. (HCPH), also known as Home Credit Philippines, for P10.365 billion.
The acquisition is expected to strengthen Security Bank’s consumer finance capabilities and expand its market reach in the fast-growing sector.
Security Bank bought the stake from MUFG Bank Ltd. Krungsri, a subsidiary of MUFG, will keep its 75-percent stake in HCPH and remain the majority owner.
The Bangko Sentral ng Pilipinas approved the transaction.
Home Credit Philippines served over 11 million customers with products like installment financing, cash loans and insurance. It operates in more than 15,000 locations nationwide.
“This strategic investment enables us to deepen our participation in the fast-growing consumer finance space and unlock new opportunities to better serve the evolving financial needs of Filipinos. We see strong potential in this partnership to create long-term value through complementary strengths, accelerating innovation in lending solutions, and advancing financial inclusion. Our goal is sustainable growth and meaningful returns for shareholders and stakeholders. We commit to strategies ensuring stability, reliability, and long-term value,” said Sanjiv Vohra, president and chief executive of Security Bank
Yasushi Itagaki of MUFG said Security Bank’s local expertise would complement Krungsri’s regional strengths. The partnership will help expand access to responsible lending in the country, he said.
“We are confident that Security Bank’s strong local footprint, deep market insights, and commitment to financial innovation will serve as a powerful complement to Krungsri’s regional capabilities and long-term vision for Home Credit Philippines,” he said.
“This partnership reinforces our shared objective of driving financial inclusion and expanding access to responsible consumer lending solutions in the Philippines. With Security Bank’s presence and expertise, we are optimistic about Home Credit’s continued growth and the opportunities that lie ahead,” he said.
This is the second partnership between Security Bank and Krungsri, following their joint venture SB Finance Inc. The deal also supports Security Bank’s goal of becoming the most customer-centric bank in the Philippines.
