SHBFinance wins State Bank nod for full Krungsri takeover while Home Credit Vietnam posts 60.7% profit jump

**TL;DR** Vietnam's State Bank approved SHBFinance's conversion to a single-member entity, facilitating Krungsri's complete takeover. Simultaneously, Home Credit Vietnam recorded an $83.04 million after-tax profit in 2025, marking a 60.7% increase, signaling robust performance in the consumer finance sector.

Vietnam's consumer finance market continues to attract significant domestic and foreign investment, driving ongoing consolidation and strategic acquisitions. This environment sees key players adapting their structures to capitalize on growth opportunities and operational efficiencies.

On March 9, Vietnam's State Bank granted in-principle approval for SHBFinance to convert from a two-member to a single-member limited liability finance company. This structural shift streamlines SHBFinance's ownership, advancing the full transfer of its capital to Krungsri.

Krungsri, Thailand's fifth-largest financial group, will achieve 100% ownership of SHBFinance, solidifying its presence. Krungsri operates as a member of Mitsubishi UFJ Financial Group (MUFG), one of the world's largest financial institutions.

In parallel, Home Credit Vietnam demonstrated robust financial performance despite a recently terminated merger agreement with SCBX Public Co., Ltd. The company reported an after-tax profit of $83.04 million in 2025, reflecting a 60.7% increase year-on-year.

This growth follows a 36.8% rise in total assets and a 37.4% expansion in total outstanding credit during the same period. The original acquisition deal for Home Credit Vietnam was valued between $839 million and $865 million.

The State Bank's approval for SHBFinance's operational model change underscores regulatory support for strategic foreign investment and market consolidation. This move empowers Krungsri and its parent, MUFG, to integrate SHBFinance more fully, leveraging combined governance expertise and financial strength within the Vietnamese market. SHBFinance, established in 2018, has served approximately six million loan applications across 34 localities.

Home Credit Vietnam's profit surge highlights the underlying strength of its operations, even without the anticipated merger. Its performance, characterized by significant asset and credit growth, demonstrates the potential for organic expansion within Vietnam's consumer finance landscape.

Other market players also pursue consolidation; HDBank recently increased its stake in HD Saison Finance to 75%, aiming to enhance control and cross-selling capabilities. HD Saison recorded a 21.2% growth in outstanding loans and approximately $55.6 million in pre-tax profit in 2025, alongside a return on average equity exceeding 22%.

Market observers will monitor how Krungsri integrates SHBFinance into its broader operations and whether Home Credit Vietnam sustains its impressive growth trajectory independently. Further consolidation and strategic moves by both domestic and international players are anticipated as the Vietnamese consumer finance sector continues its dynamic evolution.