fbpx
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • REGISTER
  • login
No Result
View All Result
No Result
View All Result
Home Acquisitions

Thailand’s Bank of Ayudhya is set to acquire Vietnam’s SHB Finance as part of its expansion plan outside Thailand

AsiaTechDaily Writer by AsiaTechDaily Writer
28 August 2021
in Acquisitions, Featured
0
Bank of Ayudhya
52
SHARES
Share on FacebookShare on Twitter
Bookmark (0)

Please login to bookmark

No account yet? Register

Thailand’s fifth-largest lender by assets, Bank of Ayudhya Plc expands its regional footprint by acquiring Vietnamese firm SHBank Finance (SHB Finance) from Saigon-Hanoi Commercial Joint Stock Bank.

The acquisition deal which will be implemented in two branches is subject to regulatory approvals. As per the deal, the Bank of Ayudhya will buy a 50 percent stake in the Vietnamese consumer finance company now and the remainder will conclude after three years.

With this announcement, the share price of the bank rose to 4.2% on Bangkok bourse.

As per the company sources, the acquisition deal has been finalized for US$155.77 million (5.1 billion baht). This will give the Bank of Ayudhya a 100% stake in SHB Finance and its consumer finance subsidiary. It will also give the Thai bank access to 200,000 borrowers of SHB Finance.

According to the Bank of Ayudhya, SHB Finance had achieved a compounded annual growth of 93 percent for loans by the second quarter of this year since 2018. Mr Seiichiro Akita, President and CEO of the Bank of Ayudhya said in his statement that SHB Finance’s extensive network and local expertise in Vietnam combined with the Thai bank’s strength in consumer finance will enhance the business competitiveness of SHB Finance.

With this deal, the Thai bank aims to develop and deliver quality consumer finance products to Vietnamese consumers. Bank of Ayudhya along with SHB Finance will now focus on bringing greater value to customers, partners, and shareholders while promoting the growth of consumer finance market in Vietnam.

The bank has already made its mark in the consumer finance and banking sectors in Cambodia, the Philippines, and Laos. This acquisition deal will help the Thailand-based bank to reaffirm its commitment to expand in the ASEAN market.

Mitsubishi UFJ Financial Group holds a 76.9 % stake in the Bank of Ayudhya. Besides that, media baron Krit Ratanarak is also a big stakeholder in the bank. Bank of Ayudhya is locally known as Krungsri.

Many banks in Thailand have been seeking overseas expansion in the last few years as there is weakened profitability at home. The strong growth of the ASEAN market and increasing demand of international loans has encouraged the lenders to expand outside the country. Thailand’s largest bank, Bangkok Bank acquired Indonesian bank Permata in 2019, while the second largest bank in the country Kasikornbank is about to open its first branch in Vietnam.

Tags: AcquisitionBank of AyudhyaSHB Finance
Previous Post

Indonesian fintech AwanTunai secures $56.2m in funding

Next Post

PropTech startup Builk One Group raises an undisclosed sum in series B+ round, aims for IPO in 2022

Related Posts

edit post
Holmusk
Featured

Healthtech startup Holmusk raises $45m to continue rapid expansion

January 23, 2023
edit post
Jumppoint
Featured

Hong Kong-based logistics platform for e-commerce merchants Jumppoint raises $6.5m in series A

January 16, 2023
edit post
Flik
Featured

Indonesian startup Flik scores $1.1m in East Ventures-led funding round

January 10, 2023
edit post
Alterpacks
Featured

Alterpacks’ commercialization drive gets boost with $1m funding

January 5, 2023
edit post
HD
Featured

Thai healthcare, surgery marketplace HD raises $6m in funding

January 4, 2023
edit post
SeaVantage
Featured

S Korean startup SeaVantage raises $1.3m to expand ocean visibility platform

January 4, 2023
Next Post
edit post
Builk One Group

PropTech startup Builk One Group raises an undisclosed sum in series B+ round, aims for IPO in 2022

Discussion about this post

No Result
View All Result

Follow Us

FREE NEWSLETTER




Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Ecosystem
    • Marketplaces & E-commerce
    • Robotics
    • Investments
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • Forums
  • Jobs
  • REGISTER
  • Login

Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback