Japanese banks join race to acquire Home Credit’s USD2bn assets

Japanese banks are vying for Home Credit’s USD2bn assets in Southeast Asia and India. Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group have been shortlisted in the bidding process. Japanese lenders have been keen buyers of assets across Asia in recent years as they seek to expand in new markets amid low interest rates and sluggish growth at home. Founded in 1997, Home Credit, owned by late Czech billionaire Petr Kellner's family, has been in discussions with advisers about selling stakes in Southeast Asia and India to help raise cash for the group. Home Credit has operations in nine countries across Asia, central and eastern Europe, and the former Soviet Union. After the fall of communism in the Czech Republic, Kellner formed PPF Group, a holding company with interests spanning finance, telecommunications, manufacturing, media, and biotechnology.