Allens has acted as Vietnamese counsel for Home Credit N.V., the consumer finance division of PPF Group, on the signing of a conditional framework agreement to sell its Home Credit Vietnam business to Siam Commercial Bank (SCB) for approximately €800 million. The transaction is subject to regulatory approvals in Vietnam and Thailand.
Allens has a long-standing relationship with Home Credit. The firm supported PPF Group in laying the foundation for its business in Vietnam nearly two decades ago, including setting up its representative office and launching its consumer finance business. The firm has since continued as trusted legal advisor to PPF and later Home Credit on Vietnamese operational issues and strategic transactions. Home Credit Vietnam has grown to become a leading digital financier in Vietnam, serving more than 15 million customers nationwide for the past 15 years. It currently holds an approximately 14% market share in Vietnam and employs 6,000 people.
'It has been a privilege and pleasure being a part of Home Credit's journey in Vietnam to become one of the top consumer finance companies in Vietnam today. SCB's acquisition is a strong testament to Home Credit Vietnam's successful business. We are very excited about its new chapter,' said Partner Linh Bui.
'We are pleased to have been part of the team advising this deal, and congratulate both Home Credit and SCB on the great outcome.'
Allens has extensive experiences of advising clients in the banking and consumer finance sectors of Vietnam. The firm recently advised Thai bank Bank of Ayudhya on its investment in SHBank Finance.
Allens legal team
Linh Bui (Partner), Hien Nguyen (Senior Associate), Ha Nguyen (Senior Associate), Ngoc Nguyen (Senior Associate), Kiet Do (Associate), Ngan Tran (Associate), Phuong Linh Nguyen (Associate)