Security Bank completes 25% buy-in of Home Credit

Security Bank Corp. on Friday announced it has completed its acquisition of a 25% stake in HC Consumer Finance Philippines Inc. (HCPH), popularly known as Home Credit Philippines.

In a disclosure to the Philippine Stock Exchange, Security Bank said it purchased a quarter of shares in Home Credit for P10.365 billion.

The bank said the purchase price was an “adjustment amount” based on the “change in net asset value of HCPH from 31 December 2023 to 30 April 2025.”

The value was lower than the approximately P11 billion purchase price it earlier pegged for the transaction last year.

In November 2024, Security Bank had announced it entered into an agreement with MUFG Bank Ltd. for the acquisition of 25% ownership in Home Credit.

Following the transaction, Krungsri (Bank of Ayudhya PCL and its business units), a subsidiary of MUFG, will continue to hold a 75% ownership stake in Home Credit and remain the majority shareholder, the lender said.

The acquisition has received clearance from the Bangko Sentral ng Pilipinas.

“As we complete this milestone transaction, we’re pleased to formally welcome Home Credit Philippines to the Security Bank family,” said Sanjiv Vohra, president and CEO of Security Bank.

“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,” said Vohra.

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 (POS) 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 said the acquisition bolsters its strategic alliance with MUFG, which started in 2016.  — BAP, GMA Integrated News