Home Credit Philippines raises P6.5 billion from Syndicated Loan
Prague-based consumer finance company Home Credit Philippines (HCPH) has signed a domestic syndicated loan facility amounting to P6.50 billion last October 2018.
The Company tapped ING Bank and Land Bank of the Philippines as Mandated Lead Arrangers and Bookrunners while the syndicate of banks is composed of CTBC Bank (Philippines) Corp., EastWest Banking Corporation, ING Bank N.V. Manila Branch, Land Bank of the Philippines, Rizal Commercial Banking Corporation, Security Bank Corporation, Shinhan Bank Manila Branch, and Union Bank of the Philippines.The syndicated facility was oversubscribed and is notable for being almost three times bigger than the pioneer HCPH syndication closed in the amount of P2.25 Billion in 2017. HCPH’s Chief Business Development Officer and Treasurer, Zdenek Jankovsky, attributes the successful syndication to the banking industry’s confidence in the Company’s profitability and growth. “We have created a platform that provides customer convenience based on the loan application process’ simplicity and speed. Our success is built on putting our clients’ needs first,” he added. Established in the Philippines in 2013, Home Credit broadens financial inclusion for those without access to traditional banking services by providing them a positive and safe borrowing experience – the first for many of its customers. It is present across the archipelago with a strong workforce of over 10,000 supporting about 5,000 distribution points. The company, which uses technology to onboard customers and keep a robust risk management framework, offers a variety of products such as in-store, point-of-sale (POS) loans for purchase of durable goods, and cash loans as cross-sell to eligible mass retail customers. Application requires at least two valid IDs only and loans are decided, on average, within ten minutes.