BPI now biggest Home Credit funder

MANILA, Philippines  —Ayala-led Bank of the Philippine Islands (BPI) is now the biggest creditor of Home Credit Philippines after extending an additional P7 billion loan facility to the consumer finance firm.

The latest loan to Home Credit brought to P13.5 billion the combined credit line provided by BPI to the consumer lender, according to a statement.

“This local loan credit facility will enable us to better serve our 10-million strong customer base, allowing us to expand access to credit opportunities for more Filipinos,” said Zdenek Jankovsky, director and treasurer at Home Credit.

This is the third loan credit facility extended by BPI to Home Credit. In December 2022, Home Credit got its first loan from BPI amounting to P1 billion loan.

READ: Thai, Japanese banks buy Home Credit PH for P24.4B

In August 2023, the company borrowed another P4 billion from BPI. Home Credit later secured a P1.5-billion loan in November 2023 from Robinsons Bank Corp. after it had merged with BPI.

As of end-2023, Home Credit had served 10.4 million customers all over the country.

The company offers a selection of financing products that are designed to be affordable for people earning less than P20,000 a month.

READ: Consumer loan provider Home Credit to serve 10M clients this year

HC Consumer Finance Philippines Inc., Home Credit’s corporate entity, was acquired by Thailand’s Bank of Ayudhya PCL (Krungsri) and Japan’ Mitsubishi UFJ Financial Group Inc. in June last year for a price of about P24.4 billion.

Krungsri, Thailand’s fifth largest bank, owns 75 percent of Home Credit while MUFG holds the remaining 25 percent.