Home Credit Philippines was recently acquired by Thailand’s Krungsri (Bank of Ayudhya PCL) and Japan’s Mitsubishi UFJ Financial Group (MUFG) for Php 24.4 billion. The said deal was inked together with Czech Republic-based PPF group, which is the parent company of Home Credit Philippines.

Under the signed deal, Krungsri will hold 75% of Home Credit Philippines while MUFG will hold the remaining 25%. Home Credit Philippines will retain its brand and continue its business with the same local team–but this time with guidance from Krungsri.

Krunsri President and CEO Kenichi Yamato explains that the acquisition of Home Credit Philippines is part of its strategic expansion plans in the ASEAN region. “By incorporating Home Credit in the Philippines into its portfolio, the Bank aims to cater to the evolving financial needs of consumers with a full range of innovative consumer finance products and services,” Yamato said.

Home Credit Philippines CEO David Minol is optimistic about the acquisition, as it shows that it has a strong business and that companies have seen an opportunity to expand Home Credit in the Philippines’ consumer finance market.

“Together with our new shareholders, we are opening the next chapter for Home Credit Philippines, building on the high performance that we have set over the past nine years,” Minol said.

Prior to being acquired by Krungsri and MUFG, Home Credit Philippines partnered with Open Fabric for streamlined payment solutions. To date, Home Credit Philippines has a customer base of nearly 10 million, along with a distribution network of 15,000 stores nationwide.