Thai lender SCB X to acquire Home Credit Vietnam for $860 million

SCB X, Thailand's fourth-largest bank by assets, will acquire consumer finance firm Home Credit Vietnam for 31 billion baht ($860 million), it said on Wednesday, the latest Thai lender to expand in Southeast Asia. Home Credit Vietnam will bring with it 15 million customers as the second largest consumer finance firm with about 14% market share, SCB X said. "Home Credit Vietnam will serve as an important base for the SCB X Group's presence in Vietnam and immediately contribute positive bottom line to the group after deal completion," SCB X CEO Arthid Nanthawithaya said, adding it would also help to diversify the bank's income base. SCB X said it would fund the acquisition using internal funds. Rival Kasikornbank in 2022 invested $220 million to become the biggest shareholder in Indonesian lender Bank Maspion.