Security Bank Finalizes 25% Acquisition of Home Credit Philippines for P10.37B

Security Bank Corp. has completed its acquisition of a 25% stake in Home Credit Philippines (HC Consumer Finance Philippines Inc.) for P10.365 billion, solidifying its entry into the country’s booming consumer finance market.

In a disclosure to the Philippine Stock Exchange on Friday, Security Bank clarified that the final purchase price was adjusted based on the net asset value changes of Home Credit from December 31, 2023, to April 30, 2025. The price was slightly lower than the P11 billion initially estimated in their 2024 announcement.

The deal stems from an agreement with MUFG Bank Ltd., signed in November 2024. Following the acquisition, Krungsri (Bank of Ayudhya PCL), a subsidiary of MUFG, will retain a 75% majority stake in Home Credit Philippines.

The Bangko Sentral ng Pilipinas has approved the transaction.

Security Bank President and CEO Sanjiv Vohra welcomed Home Credit into the fold, saying, “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.”

Home Credit is a market leader in consumer financing in the Philippines, with over 11 million customers and a vast POS network spanning 15,000+ locations. It offers services ranging from point-of-sale loans and cash loans to insurance and warranty products.

This acquisition also reinforces Security Bank’s strategic alliance with MUFG, which began in 2016.