23 May 2023
Bangkok (23 May 2023) —
Krungsri (Bank of Ayudhya PCL) announced the achievement of acquiring SHBank Finance Company Limited (“SHB Finance”), one of the leading consumer finance businesses in Vietnam, as it has successfully received the transfer of the first 50% of charter capital in SHB Finance and will complete the remaining 50% in the next 3 years, subject to approval from the relevant regulators. The completion of the acquisition follows the capital transfer agreement announced on 25 August 2021 and marks another milestone in strengthening the Bank’s position as a regional bank with a strong ASEAN network, paving the way towards Krungsri’ s aspiration to become the Preferred Thai Bank Connecting Customers’ Needs across ASEAN.
Krungsri President and Chief Executive Officer, Mr. Kenichi Yamato said; “We are delighted with this capital transfer completion. Krungsri extends a warm welcome to the new member of Krungsri Group - SHB Finance. Moreover, we would like to convey our appreciation to the relevant regulators and authorities for their approval and support. With the addition of SHB Finance in the Bank’s portfolio, Krungsri firmly establishes its presence in 5 ASEAN countries, making great strides toward our commitment to connect customers’ needs across the region.”
“Vietnam’s economy is expected to continue the high gearing, driven by an annual growth potential of around 6-7%, together with blooming business opportunities due to rising consumption. Krungsri is well-recognized as a leader in consumer finance. Our expertise and experience will be vital levers for SHB Finance to deliver superior services to its customers with enhanced smart and accessible consumer finance solutions. Krungsri is confident that its synergy with SHB Finance will strengthen SHB Finance’s brand, performance, its position as a top player in the Vietnam consumer finance market.”
Permanent Deputy Director of SHB Finance, Ms. Olena Khlon added “Vietnamese consumer finance market remains potential, with good management from the Governance, Vietnam is currently the ideal destination for overseas investors. With the partnership of Krungsri, a sound regional financial institution, will enable SHB Finance to quickly realize its goal of becoming one of the leading finance companies, and a companion for building a better life for all customer segments.”
Krungsri, the fifth largest bank in Thailand in terms of assets, loans, and deposits, has overseas businesses in Lao PDR, the Philippines, Cambodia, and the latest one, Vietnam. The Bank also has a representative office in Myanmar.