Market Summary
In February 2024, the Vietnamese market saw a dip in deals volume due to the country's Lunar New Year celebration.
However, total deal value amounts to USD885m (+361.9% vs Jan-23), mainly thanks to SCB X's acquisition of Home Credit Vietnam with a total value of c. USD870m.
Aggregate Deals Value = c. USD885m
This month's top deals
Financial Services
SCB X Public Set to Acquire Home Credit Vietnam for c. USD870 million
SCB X Public Company Limited announced that The Siam Commercial Bank Public Company Limited has agreed to acquire Home Credit Vietnam Finance Company Limited from PPF Group N.V. for VND20,973 billion (equivalent to approximately THB31 billion) on February 28, 2024. The transaction is expected to be completed by the first half of 2025, subject to approvals from the relevant competent authorities.
The consumer finance market in Vietnam has a high growth potential in Southeast Asia, driven by strong macroeconomic fundamentals, economic policies that support growth, favorable demographics, and growing middle class. Home Credit Vietnam has the second largest market share in Vietnam’s consumer finance market (after FE Credit), accounting for approximately 14% of the total market as of 30 June 2023. Previously in 2021, VPBank sold a 49% stake in FE Credit to Japan’s Sumitomo Mitsui Finance Group (SMFG) in a transaction that values the non-bank lender at USD2.8 billion.
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SCB X Public Set to Acquire Home Credit Vietnam for c. USD870 million
Public Bank Berhad Poised to Acquire RHB Securities Vietnam by Q2 2024 for c. USD15 million
Malaysia's Public Bank Berhad unit Public Bank Vietnam Limited has agreed to acquire RHB Securities Vietnam Company Limited from RHB Bank Berhad on February 19, 2024. Under the sale and purchase agreement, Public Bank Vietnam Ltd will acquire RHB Securities Vietnam for a cash consideration of VND374 billion (equivalent to c. USD15.2 million), subject to adjustments based on certain terms and conditions of the sale and purchase agreement. The transaction is expected to be completed in the 2nd quarter of 2024.
Public Bank’s CEO Tan Sri Dato’ Sri Dr. Tay Ah Lek said "Public Bank Vietnam Ltd currently has 40 branches located strategically throughout Vietnam and this acquisition will allow the bank to leverage its existing clientele to grow the securities trading business. As such, this acquisition marks another milestone for Public Bank Berhad to further strengthen our regional presence and be a stronger player in the Indo-China market".
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Public Bank Berhad Poised to Acquire RHB Securities Vietnam by Q2 2024 for c. USD15 million
Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double count.
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