3 October 2023
Bangkok (3 October 2023) – Krungsri (Bank of Ayudhya PCL) announced the successful completion of its 75% majority stake acquisition of PT. Home Credit Indonesia (Home Credit Indonesia), a leading player in the consumer finance business with a nationwide network, in which PT Adira Dinamika Multi Finance, Tbk (Adira Finance), a subsidiary of Bank Danamon, a member of MUFG, concurrently completed the acquisition of 9.83% stake. This significant milestone propels Krungsri into a prominent position as a regional bank, now operating across five ASEAN countries, in alignment with its strategic direction to expand its presence and bolster its operations to connect customers’ needs across ASEAN.
Krungsri President and Chief Executive Officer Mr. Kenichi Yamato said, “Krungsri has continued to extend our footprint to connect customers’ needs across the ASEAN region. With the successful acquisition of Home Credit Indonesia, we now have a robust presence in five ASEAN countries, including Lao PDR, Cambodia, the Philippines, Vietnam, Indonesia, and a representative office in Myanmar. Hence, this strategic achievement further elevates our positioning as a regional bank in ASEAN market.”
“Indonesia has solid economic growth with an annual growth rate of 5.0% over the next five years expected and further brightened by strong consumer spending prospects. With a decade of successful operations in the market, Home Credit Indonesia stands out as a leading player in consumer finance, Indonesia with over 17 million registered app users and has served over 6 million customers since launching. Moving forward, Krungsri is committed to forging a close collaboration with Home Credit by leveraging our expertise in consumer finance and risk management to expand new business partners, grow customer base, and deliver innovative products and services that cater to the evolving needs of Indonesia market,” said Mr. Yamato.
“We are pleased with the successful acquisition process of Home Credit Indonesia. For Adira Finance, this is considered a step towards strategic collaboration enabling us to reach a wider market as well as to strengthen our market presence in the country. This initiative reflects a concrete synergy between Adira Finance and MUFG Group entities to provide optimal services for our customers and business partners.” Dewa Made Susila, President Director Adira Finance.
"This transaction stands as a testament to the remarkable success and robust presence that Home Credit has achieved in the country. Since commencing operations in Indonesia back in 2013, Home Credit has consistently delivered a diverse array of affordable financial services, serving the needs and improving the lives of over six million individuals nationwide. Our commitment to fostering connections between retailers, important service providers, and consumers has created an ecosystem characterized by responsible, reliable, and affordable access to financial services," remarked Animesh Narang, Chief Executive Officer of Home Credit Indonesia.