Krungsri dan Adira Finance Akuisisi Home Credit Indonesia

Jakarta, 24 November 2022 – MUFG Bank’s consolidated subsidiary in Thailand Bank of Ayudhya Public Company Limited (Krungsri), a commercial bank in Kingdom of Thailand, and PT Adira Dinamika Multi Finance Tbk (Adira Finance), today announces the acquisition of the consumer finance business of Home Credit in Indonesia. The transaction is part of MUFG and MUFG Bank acquisition of all the shares of Home Credit Consumer Finance Philippines, Inc. (HC Philippines) and 85.0% of shares of PT Home Credit Indonesia (HC Indonesia). It is scheduled that HC Indonesia shares will be acquired within 2H/ 2023, for an estimated EUR 200 million in total or equivalent to IDR 3.1 trillion [Exchange Rate EUR/IDR: Rp15,465]. The final purchase price will be subject to one-to-one adjustment based on equity book value at the closing of the transaction.

The transaction is subject to approval from the shareholders of Krungsri, the Bank of Thailand ("BOT”), Financial Services Authority (Otoritas Jasa Keuangan) of Indonesia (“OJK”), Bangko Sentral ng Pilipinas (“BSP”) Philippines Competition Commission (“PCC”), and notification to Japanese Financial Services Agency (“JFSA”), Securities and Exchange Commission of Philippines, Commission for the Supervision of Business Competition of Indonesia (Komisi Pengawas Persaingan Usaha) (“KPPU”) and/or other relevant regulators, expected to be completed by 2H/2023. The move marks another milestone achievement in Krungsri’s strategic direction of ASEAN expansion.

Krungsri President and Chief Executive Officer Mr. Seiichiro Akita said, “ We are very pleased to announce the signing of an agreement for the acquisition of PT. Home Credit Indonesia and HC Consumer Finance Philippines, Inc. , upon closing of the transaction after all regulatory approvals. We are confident that their local expertise and well-established network together with Krungsri’ s extensive experience in the consumer finance business will enhance their business competitiveness. Our synergy will benefit all stakeholders, including local customers in Indonesia and The Philippines. This milestone again underscores our commitment to the ASEAN expansion strategy, paving the way towards our aspiration to “ Be the Preferred Thai Bank Connecting Customers’ Needs across ASEAN."

Krungsri will become the majority shareholder in PT. Home Credit Indonesia with 75% stake whereas Adira Finance, a subsidiary of Bank Danamon, a member of MUFG, will hold a minority stake of approximately 10%.

Adira Finance President Director Mr. Dewa Made Susila emphasized, “We believe this transaction can help to strengthen the franchise of MUFG Group in Indonesia and seek synergy 2 between Home Credit, Bank Danamon and Adira Finance. Adira Finance continues to enhance its collaboration with MUFG Group entities to better serve our customers and business partners".