SECURITY Bank Corp., the country's eighth largest universal bank in terms of assets, said on Friday that it had entered into an agreement to acquire a 25-percent stake in HC Consumer Finance Philippines Inc. (HCPH), better known as Home Credit Philippines, for approximately P11 billion.
In a disclosure, the bank said that its board had approved the acquisition of MUFG Bank Ltd.'s 25-percent stake in HCPC, with Thai bank Krungsri, or the Bank of Ayudhra PCL and its business units, retaining a 75-percent interest in the consumer financing company and remaining the majority shareholder.
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