The second largest bank in Thailand, KBank, is said to be chatting up Home Credit Vietnam for a deal worth up to $1 billion.
Here’s the lowdown:
- Who’s the big fish? Kasikornbank, based in Bangkok. They’re sitting pretty on a hefty $119.7 billion in assets. Only Bangkok Bank surpasses them in Thailand.
- What’s the deal? Acquisition talks with Home Credit Vietnam. It’s part of a broader trend of consolidations in Asia’s finance sector.
- Why now? Vietnamese banks are a bit under the weather, with a sluggish economy and real estate woes causing an increase in bad loans.
- What’s next? KBank’s been seeking advice on this potential acquisition. But it’s all hush-hush for now since no final decision has been made.
- Fun Fact: KBank operates a credit service for small-scale retail stores called KBank Biz Loan. A deal with Home Credit would boost their small business clientele.
As it stands, KBank and Home Credit Group are keeping it quiet.
Home Credit Vietnam has a whopping 6,000 employees, 9,000 outlets, and serves 12 million customers. It’s part of the Dutch-headquartered Home Credit Group, a non-bank financial institution.
