Thailand’s KBank in talks for $1bn deal to acquire Vietnam lender – sources.

Thailand’s Kasikornbank ⁤in Talks to Acquire Home Credit Vietnam in $1 Billion Deal

By Phuong Nguyen and Yantoultra Ngui

Thailand’s second-biggest lender, Kasikornbank (KBank), is currently in discussions to purchase consumer finance provider Home Credit Vietnam in a deal worth up to‍ $1 billion. This potential acquisition would further KBank’s expansion plans in Vietnam, with the aim of becoming one of ⁣the country’s top 20 banks in terms of assets by 2027. With total assets worth $119.7 billion, KBank is currently second only​ to Bangkok Bank in Thailand, according to Refinitiv data.

The news comes at​ a time when⁤ Vietnamese banks are‌ facing challenges due to a⁢ slowing economy and turmoil in the real estate sector, resulting in an increase in bad loans‍ and interest rate cuts. If the deal goes through, it would highlight the trend of consolidation​ in Asia’s finance sector and mark KBank’s M&A transaction as the⁣ second largest in Vietnam’s financial industry this year.

KBank has engaged financial advisors to explore the potential acquisition, although no​ final decision has been made yet. One source familiar with the matter stated,‍ “The potential deal with Home Credit will enable the bank to promote access to financial services for small business clients.”

KBank confirmed its interest in a deal with Home⁤ Credit ​in a stock exchange filing, emphasizing its continuous pursuit of various business ‍opportunities in Vietnam. Home Credit Group, the parent company of⁢ Home Credit⁣ Vietnam, has not responded to requests for comment.

Expanding Access to Financial Services in Vietnam

Vietnam, with a population of over ‌100 million ‍people, has ⁤a fast-growing​ working-age population. KBank estimates that over 69% of people in Vietnam do ⁣not have​ a bank account, the highest rate in Asia. In June, KBank ⁢obtained approval from the Vietnamese central bank to raise its core capital for operations in the country, aiming⁢ to become the second-largest foreign bank.

Home Credit Vietnam, a subsidiary of Netherlands-headquartered non-bank financial institution Home Credit Group, has been operating in Vietnam since 2008. It currently employs 6,000 staff and serves​ 12 million customers through its 9,000 ⁣outlets, offering cash loans and⁣ installment loans for motorcycles and consumer durables.

($1 =‍ 35.1200 baht)

(Reporting by Phuong Nguyen in Hanoi and Yantoultra‌ Ngui in Singapore; Editing by Kane⁤ Wu, Devika Syamnath and Christopher Cushing)

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