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Allen & Overy advises Bank of Ayudhya on the acquisition of Home Credit in the Philippines and Indonesia

Allen & Overy has acted as the counsel to Bank of Ayudhya PCL (Krungsri) on the acquisition of the whole of the consumer finance business of Home Credit Group B.V. in the Philippines and Indonesia (Home Credit), alongside other members of Krungsri’s financial group, Adira Dinamika Multi Finance TBK (Adira) and MUFG Bank (MUFG).

Bank of Ayudhya Public Company Limited (branded and commonly referred to as Krungsri) is the fifth largest bank in Thailand in terms of assets, loans, and deposits. Home Credit is an international non-bank financial institution founded in the Czech Republic and headquartered in the Netherlands, having operations in nine countries and focusing on ‘buy now pay later’ and point of sale financing, as well as credit cards.

The A&O deal team was led by Bangkok-based counsel, Chris Burkett and associate James Kingston, overseen by Bangkok managing partner Suparerk Auychai. Allen & Overy Ginting & Reksodiputro team led on due diligence for Indonesia and the bespoke structuring and regulatory consultations. A&O’s offices in Singapore, Sydney and Hong Kong provided trade marks, tax and anti-trust support.