The Siam Commercial Bank (SCB) announced on 26/3 the termination of its acquisition of the Vietnamese finance company, Home Credit Vietnam.

The decision, approved by SCB's board of directors on 20/3, stems from external factors preventing the fulfillment of prerequisite conditions outlined in the share purchase agreement (SPA) within the agreed timeframe.

Despite the cancellation, The Siam Commercial Bank stated that the deal's termination does not affect its financial standing. The bank and its parent company, SCBX – a fintech business group with multiple member companies – remain committed to their strategy of becoming a leading regional fintech group and expanding their presence in the Southeast Asian market.

The acquisition, initially approved by SCB in 2024, was valued at approximately 31 billion baht, equivalent to over 20.9 trillion VND, subject to contractual adjustments.

Employees of Home Credit Vietnam present services. *Photo: Home Credit*

Home Credit Vietnam, a subsidiary of international investment group PPF, commenced operations in 2009. It holds the position as the second-largest consumer finance company by market share in Vietnam, following FE Credit, serving 17 million customers and employing 6,000 staff.

The company's core services include installment loans for consumer goods, such as: motorbikes, home appliances, electronics, and furniture; cash loans; and credit cards. In 2025, Home Credit Vietnam reported an after-tax profit exceeding 2 trillion VND, marking an increase of over 60% compared to the previous year.

SCB is Thailand's oldest bank and possesses one of the largest total asset values in the country. Its parent company, SCBX, operates as a fintech business group with numerous member companies, focusing on three key areas: banking, consumer and digital finance, and connectivity and technology platforms.

Quynh Trang