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Thursday, June 13, 2024

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Consumer lending competition heats up

The burgeoning consumer debt market in Vietnam is sparking increased competition among finance companies, with Thai firms entering the fray as fresh contenders in this rapidly expanding sector The new faces Three of Vietnam’s pioneering consumer finance companies have recently undergone partial acquisitions by foreign firms, with two falling into the hands of Japanese investors and one acquired by a Thai company. Siam Commercial Bank Public Company Limited (SCB), a prominent public bank renowned for its diverse financial services, made headlines by acquiring Home Credit for a reported 800 million euros. This strategic move merges two major players, SCB and Home Credit, which collectively serve approximately 15 million customers. FE Credit, Vietnam’s leading consumer finance company, was also in talks with Thai investors before finalizing a deal. This indicates a growing trend of Thai investors venturing into Vietnam’s consumer finance market across various segments. In mid-2023, Saigon – Hanoi Commercial Joint Stock Bank (SHB) sold its consumer finance arm, SHB Finance, to Thailand’s Krungsri Group, a subsidiary of Japan’s MUFG Group. While Krungsri is part of MUFG, the transaction signifies a direct investment from Thailand’s financial sector. Thailand’s influence extends beyond consumer finance, as evidenced by Kasikorn Bank (KBank) strengthening […]
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