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Dec 1, 2024, 12:00 AM
Dec 1, 2024, 12:00 AM
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Security Bank acquires 25% stake in Home Credit Philippines for 11 billion pesos

Manila capital city of the Philippines Frederick Dy Chairman Emeritus, Security Bank Corp. Security Bank Corporation universal bank in the Philippines
Highlights
  • Security Bank is set to acquire a 25% stake in Home Credit Philippines for 11 billion pesos.
  • The acquisition is pending regulatory approval and expected to close in early 2025.
  • This move aligns with the Philippine banking industry's shift towards consumer lending as commercial loan yields tighten.
Story

In the Philippines, Security Bank announced plans to acquire a 25% stake in Home Credit Philippines, which is expected to enhance its consumer lending business. The Manila-based bank, owned by tycoon Frederick Dy and his family, will pay 11 billion pesos, equivalent to about $182 million, for the stake. This acquisition is pending regulatory approval, with completion anticipated in the first quarter of 2025. Security Bank's CEO, Sanjiv Vohra, expressed enthusiasm regarding the strategic advantages of the deal, highlighting the potential for fostering financial inclusion and providing innovative lending solutions.

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