JAKARTA. Krungsri (Bank of Ayudhya PCL) officially takes over the majority of shares of PT Home Credit Indonesia (HCI) amounting to 75%. This acquisition further reinforces this Thailand bank as a regional bank in the ASEAN market, following its record in Cambodia, Philippines, and Vietnam.

President and Chief Executive Officer (CEO) of Krungsri, Kenichi Yamato, said that this acquisition is in line with the company's strategic directives to expand Krungsri's presence and strengthen the business in order to connect its users across ASEAN. 

With this JCI acquisition, Krungsri now solidly stands in five ASEAN countries, including Laos, Cambodia, Philippines, Vietnam, Indonesia, and a branch office established in Myanmar. "Therefore, this strategic achievement now reinforces our position as regional bank in the ASEAN market," Yamato explained in the official statement last Tuesday (3/10).

Krungsri acquires HCI alongside a subsidiary of Bank Danamon, PT Adira Dinamika Multi Finance Tbk (Adira Finance), also under MUFG, which now owns 9.83% of HCI.

HCI is known as the main player in consumer financing industry in Indonesia, recording over 17 million registered application users and serving over 6 million users since its initial launch. (AM/ZH)