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The transaction is expected to be completed by the first half of 2025, subject to the usual approvals, SCB said in a statement Wednesday.
Home Credit Vietnam, a unit of the Home Credit Group has had 15 million customers since its entry into Vietnam 2008, and now has a 14% market share, second only to FE Credit.
It has 14,000 offices across the country.
The company provides loans for buying motorbikes, household appliances, electronics, and furniture.
Home Credit will be operated by SCB X, a technology unit of SCB, post-acquisition.
"This acquisition marks the beginning of SCB X’s expansion into Vietnam, a country with a population of over 100 million," CEO Arthid Nanthawithaya said.
"This strategic acquisition strengthens our presence in the high-growth ASEAN market and also increases value and maximizes return to our shareholders in the long term."
