Home Credit
{{Short description|International consumer finance provider}}
{{other uses|Home credit (disambiguation)}}
{{Use dmy dates|date=October 2022}}
{{Infobox company
| name = Home Credit B.V.
| trade_name = Home Credit Group
| logo = Home Credit logo.svg
| type =
| hq_location = Amsterdam, Netherlands
| area_served = Eastern Europe, Central Europe, Asia and United States
| key_people =
| industry = Consumer loans and Personal loans
| products =
| services =
| operating_income = € 4.249 billion (2019){{cite web|accessdate=31 January 2019|title=Key financial data|url=http://www.homecredit.net/investors/key-financial-data.aspx|website=homecredit.net|archive-date=23 May 2019|archive-url=https://web.archive.org/web/20190523085422/http://www.homecredit.net/investors/key-financial-data.aspx|url-status=dead}}
| net_income = € 400 million (2019)
| assets = € 26.590 billion (2019)
| equity = € 2.873 billion (2019)
| owner = {{ubl|PPF (91.12%)|Emma Capital (8.88%)}}
| num_employees = 116,700 (2019)
| foundation = 1997 (as Home Credit a.s.)[http://www.homecredit.net/about-us.aspx Home Credit: About us]
1999 (as Home Credit B.V.)[http://www.homecredit.net/~/media/Files/H/Home-Credit-Group/documents/reports/2016/hcbv-ar-2015.pdf Home Credit Group Annual Report 2015]
| homepage = {{official website|name=homecredit.net}}
}}
Home Credit B.V. is an international non-bank financial institution founded in 1997 in the Czech Republic and headquartered in Netherlands.{{cite news|title=The man who caught a rising tide Petr Kellner has become central Europe's richest man by offering loans to a middle class on the point of prosperity|last=Cienski|first=Jan|date=6 June 2007|work=Financial Times}}[http://blogs.ft.com/beyond-brics/2011/05/30/ppf-to-float-home-credit-to-fund-em-expansion/ Financial Times: PPF to float Home Credit to fund EM expansion] The company operates in 9 countries and focuses on installment lending primarily to people with little or no credit history. As of 30 June 2020 the Group has cumulatively served over 135.4 million customers.{{Cite web|title=Home Credit Group B.V.: Annual accounts for the year ended 31 December 2019 and Compliance Certificate|url=https://www.patria.cz/zpravodajstvi/4364117/home-credit-group-bv-annual-accounts-for-the-year-ended-31-december-2019-and-compliance-certificate.html|access-date=18 January 2021|website=www.patria.cz}} Major shareholder of the Group is PPF, a privately held international investment group whose founder and major beneficiary was Petr Kellner with 88.62% stake.{{Cite web|title=Our Corporate Structure|url=https://www.homecredit.net/about-us/our-group-structure.aspx|access-date=18 January 2021|website=www.homecredit.net|language=en}}
The Home Credit loan can be obtained from throughout 342.7 thousands partnering retail shops and shopping malls in ten world markets as well as at the Home Credit's own online marketplaces (Russia, China, Philippines and Vietnam). Home Credit is also presented online in its own mobile application or in a third-party online stores. In selected markets you can pay with a „HC Pay“, a QR code-based revolving credit or with Home Credit credit or shopping cards. Home Credit finances both the purchase of consumer goods through a cash-less loan transaction or other commodities, such as language courses, travel etc. through a cash loans. The loans are always issued in domestic currency of the market in which the brand operates.{{Cite web|title=Our Products|url=https://www.homecredit.net/about-us/our-products.aspx|access-date=18 January 2021|website=www.homecredit.net|language=en}}
History
In 1997, Home Credit a.s. was founded in the Czech Republic and in 1999, the company expanded to Slovakia. In 2000s company started to expand to Commonwealth of Independent States countries - Russia, Kazakhstan, Ukraine and Belarus. As of 2007 the company was the second largest consumer lender in Russia. In 2010s company expanded to Asia, specifically China, India, Indonesia, Philippines and Vietnam. In 2010 the company was the first foreign company to set up as a consumer finance lender in China.{{cite news|url=https://www.ft.com/content/49095500-fcac-11df-bfdd-00144feab49a|title=China allows first foreign loan provider|date=10 November 2010|work=Financial Times|accessdate=22 January 2017}} In 2015 Home Credit Group launched its operations in the United States of America through a partnership with Sprint Corporation. The group offers loans in 434,232 retail stores and also in digital space.{{Cite news|last=Menon|first=Shailesh|date=24 January 2019|title=Home Credit has grown to become one of the largest consumer durables loan providers in India|work=The Economic Times|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/home-credit-has-grown-to-become-one-of-the-largest-consumer-durables-loan-providers-in-india/articleshow/67665580.cms|access-date=31 January 2019}}{{Cite web|title=Key financial data|url=http://www.homecredit.net/investors/key-financial-data.aspx|access-date=31 January 2019|website=homecredit.net|language=en|archive-date=23 May 2019|archive-url=https://web.archive.org/web/20190523085422/http://www.homecredit.net/investors/key-financial-data.aspx|url-status=dead}}
In 2017 PAG initiated investment of 2 billion RMB into Home Credit Group's Chinese business entity as an interest-bearing convertible loan.{{Cite web|url=https://www.dealstreetasia.com/stories/pag-picks-minority-stake-home-credit-296-5m-78119/|title=PAG picks minority stake in Home Credit China operations for $296.5m|website=DealStreetAsia|language=en-US|access-date=23 February 2019}}{{Cite web|url=http://www.homecredit.net/media/press-releases/2017/18-07-2017.aspx|title=Home Credit B.V.: Home Credit Group and PAG sign Strategic Partnership Agreement for cooperation in China|website=homecredit.net|language=en|access-date=23 February 2019}} The deal was subsequently terminated in 2018 by PAG and Home Credit Group repaid the loan with interest.{{Cite web|url=https://www.avcj.com/avcj/news/3011630/pag-terminates-home-credit-investment|title=PAG terminates Home Credit investment {{!}} AVCJ|date=7 September 2018|website=avcj.com|language=en|access-date=23 February 2019}}
In 2018 Home Credit Group initiated sale of its Czech operation consisting of Home Credit Czech and Slovak and Air Bank to Moneta Money Bank.{{Cite news|url=https://in.reuters.com/article/home-crdt-ma-moneta-money-bnk-idINL8N1WO111|title=UPDATE 2-Moneta gains scale to take on foreign rivals in Czech...|date=8 October 2018|work=Reuters|access-date=23 February 2019|language=en|archive-date=23 February 2019|archive-url=https://web.archive.org/web/20190223131837/https://in.reuters.com/article/home-crdt-ma-moneta-money-bnk-idINL8N1WO111|url-status=dead}} The deal was criticized as one-sided deal that gives Home Credit's subsidiaries unusually high valuation with unusual terms of the deal that would lead to renaming of Moneta Bank to Air Bank.{{Cite web|url=https://ihned.cz/c1-66324390-verim-ve-zdravy-mix-digitalni-obsluhy-a-poradenstvi|title=Regulace hypoték nebyla nutná, trh se dá korigovat i bez toho. Počet nových úvěrů kvůli tomu klesne až o čtvrtinu, říká šéf České spořitelny Salomon|last=Miler|first=Marek|date=5 November 2018|website=Hospodářské noviny|language=cs|access-date=23 February 2019}} The criticism was strengthened also because of Moneta Chief Executive Tomas Spurny being historically connected to Home Credit Group majority shareholder PPF Group.{{Cite web|url=https://www.e15.cz/byznys/finance-a-bankovnictvi/na-spojeni-monety-home-creditu-a-air-bank-by-vydelali-predevsim-kellner-a-smejc-1352103|title=Na spojení Monety, Home Creditu a Air Bank by vydělali především Kellner a Šmejc|website=E15.cz|access-date=23 February 2019}}{{Cite news|url=https://www.denik.cz/ekonomika/aktualne466550.html|title=Bankéř Spurny rozšiřuje Kellnerovy řady|date=12 July 2007|access-date=23 February 2019|language=cs}} In February 2019, Moneta based on feedback from its shareholders revised offer with lower valuation.{{Cite news|url=https://www.reuters.com/article/airbank-ma-moneta-money-bnk-idUSL5N20G83L|title=Czech lender MONETA lowers bid for Air Bank after shareholder feedback|date=21 February 2019|work=Reuters|access-date=23 February 2019|language=en}} In October 2019, Home Credit India has tied up with The Karur Vysya Bank Ltd, a commercial bank having its head office at Karur, Tamil Nadu, India for joint lending.
In 2019, the company was preparing IPO in Hong Kong, however it was scrapped after investors estimated the value between 5 and 7.5 billion euros, whereas shareholders were targeting market capitalization of 10 billion euros.{{Cite web|url=https://www.bloomberg.com/news/articles/2019-11-21/czech-tycoon-s-home-credit-cancels-1-5-billion-hong-kong-ipo|title=Czech Tycoon's Company Cancels $1.5 Billion Hong Kong IPO|last=Laca|first=Peter|date=|website=bloomberg.com|archive-url=|archive-date=|access-date=10 December 2019}}
Home Credit China
Home Credit entered China in 2007 and applied for a pilot consumer finance license in 2010.{{Cite web|url=http://www.homecredit.net/operations.aspx|title=Operations|website=homecredit.net|language=en|access-date=22 April 2019}} Home Credit was asked by Chinese officials to help improve relationship between China and the Czech Republic in order to receive full license.{{Cite web|url=https://sinopsis.cz/en/lost-in-translation-economic-diplomacy-with-chinese-characteristics/|title=Lost in translation: 'Economic diplomacy' with Chinese characteristics|last1=Hála|first1=Martin|last2=Lulu|first2=Jichang|date=11 March 2019|website=Sinopsis|language=en-US|access-date=22 April 2019}} Since 2010, Home Credit's parent company PPF helped swing anti-communist international relations sentiment towards strong China ally.{{Cite web|url=https://www.forbes.com/sites/realspin/2014/12/09/the-czech-republics-foreign-policy-u-turn/|title=The Czech Republic's Foreign Policy U-Turn|last=Flows|first=Capital|website=Forbes|language=en|access-date=22 April 2019}} In 2014, PPF helped arrange visit of the Czech president Miloš Zeman to China and subsequently helped pay for private plane for the return trip.{{Cite web|url=http://praguemonitor.com/2017/03/13/ln-zeman-consults-about-foreign-trips-billionaire|title=LN: Zeman consults about foreign trips with billionaire {{!}} Prague Monitor|website=praguemonitor.com|access-date=22 April 2019|archive-date=16 February 2020|archive-url=https://web.archive.org/web/20200216161917/http://praguemonitor.com/2017/03/13/ln-zeman-consults-about-foreign-trips-billionaire|url-status=dead}} The company in 2014 also received nation-wide license for consumer finance lending.{{Cite web|url=http://www.homecredit.net/media/press-releases/2014/pr-30-10-2014.aspx|title=Home Credit Vietnam and China acquired|website=homecredit.net|language=en|access-date=22 April 2019|archive-date=18 July 2015|archive-url=https://web.archive.org/web/20150718080132/http://www.homecredit.net/media/press-releases/2014/pr-30-10-2014.aspx|url-status=dead}} In 2016, the company CEO Jiří Šmejc claimed to be proud of the impact on the revival of Czech-Chinese relations.{{Citation|last=Home Credit Group|title=Jiri Smejc speech at a Prague business forum|date=22 April 2016|url=https://www.youtube.com/watch?v=mmRLdWGD-e8|access-date=22 April 2019}} Home Credit funded a newly formed think tank, Sinoskop, to counter a longer-established China-watching body, Sinopsis.{{Cite news|url=https://www.theguardian.com/world/2020/jan/05/china-buying-influence-czech-republic-loan-company|title=China accused of buying influence after Czech billionaire funds PR push|last=Tait|first=Robert|date=5 January 2020|work=The Observer|access-date=5 January 2020|language=en-GB|issn=0029-7712}}
= Criticism =
In 2019, it was uncovered that Home Credit paid public relations company to influence public opinion in the Czech Republic about China.{{Cite web|url=https://zpravy.aktualne.cz/domaci/home-credit-ppf-kampan-cina-pr-agentura-cb/r~5f0774e01a6111ea8d520cc47ab5f122/|title=Kellnerův Home Credit platil kampaň na podporu rudé Číny. Využil experty i novináře|last=|first=|date=10 December 2019|website=Aktuálně.cz|language=cs|archive-url=|archive-date=|access-date=10 December 2019}} Home Credit did hire an agency called C&B Reputation Management, which did marketing for Home Credit. It was also supposed to improve the Czech view of the Chinese communist regime.
Home Credit Philippines
Home Credit Philippines is a consumer finance provider. The company operates in the Philippines as a subsidiary of MUFG Krungsri (refer to press release "[https://www.homecredit.net/2023/06/01/home-credit-philippines-enters-new-growth-chapter-following-acquisition-by-thailands-krungsri-and-japans-mufg/ Home Credit Philippines enters new growth chapter following acquisition by Thailand’s Krungsri and Japan’s MUFG]"). Home Credit Philippines operates 2 websites in the Philippines :
- Home Credit Philippines Corporate Website - https://www.homecredit.ph
- ShoppingMall PH - Where consumers can discover products and offline deals on the site, apply for an installment loan from Home Credit Philippines via its mobile app and visit the retailers to complete the transaction - https://www.shoppingmall.ph. Since the launch of Shoppingmall.ph website in mid-2024, the website has become the top 10 shopping website in the Philippines.
Home Credit Vietnam
Home Credit Vietnam was founded in 2008.{{Cite web |last=Đô |first=Báo Tuổi Trẻ Thủ |title=Home Credit Việt Nam kỉ niệm 12 năm đồng hành cùng người Việt |url=https://tuoitrethudo.com.vn/home-credit-viet-nam-ki-niem-12-nam-dong-hanh-cung-nguoi-viet-16523.html |access-date=2024-01-06 |website=Báo Tuổi Trẻ Thủ Đô |language=vi}}{{Cite web |last=admin |first=beta |date=2020-04-28 |title=Home Credit Việt Nam - Hành trình 12 năm gắn bó với hàng triệu khách hàng |url=https://thesaigontimes.vn/home-credit-viet-nam-hanh-trinh-12-nam-gan-bo-voi-hang-trieu-khach-hang/ |access-date=2024-01-06 |website=Tạp chí Kinh tế Sài Gòn |language=vi}}{{Cite web |title=Vừa bị công an phong tỏa trụ sở, Home Credit do ai làm chủ, kinh doanh ra sao? |url=https://vietnamnet.vn/vi-the-home-credit-tren-thi-truong-tai-chinh-tieu-dung-viet-nam-2125886.html |access-date=2024-01-06 |website=VietNamNet News |language=vietnamese}} Over the past 15 years, Home Credit has expanded its network throughout the country, serving over 15 million customers.{{Cite web |last=chính |first=Thị trường Tài |date=2023-11-10 |title=M&A công ty tài chính bất ngờ sôi động giữa tâm bão |url=https://taichinh.kinhtechungkhoan.vn/ma-cong-ty-tai-chinh-bat-ngo-soi-dong-giua-tam-bao-210251.html |access-date=2024-01-06 |website=Thị trường Tài chính |language=vi}}{{Cite web |last= |first= |date=2023-11-10 |title=Saigon Times CSR 2023 vinh danh Home Credit Việt Nam là Doanh nghiệp vì cộng đồng |url=https://doanhnghiepvathuongmai.vn/bai-viet/saigon-times-csr-2023-vinh-danh-home-credit-viet-nam-la-doanh-nghiep-vi-cong-dong.phtml |access-date=2024-01-06 |language=vi}} According to the 2022 financial report, Home Credit Vietnam's revenue reached VND 1,189 trillion, nearly double that of 2021.{{Cite web |date=2023-08-28 |title=Home Credit có tổng tài sản hơn 1 tỷ USD, nợ phải trả chiếm 73% |url=https://mekongasean.vn/post-26207.html |access-date=2024-01-06 |website=Mekong ASEAN |language=vi}}{{Cite web |date=2023-04-05 |title=Trái chiều lợi nhuận công ty tài chính |url=https://nhadautu.vn/trai-chieu-loi-nhuan-cong-ty-tai-chinh-d75362.html |access-date=2024-01-06 |website=nhadautu.vn |language=vi}}{{Cite web |date=2023-04-05 |title=Vào tầm ngắm nhà băng lớn thứ hai Thái Lan, Home Credit Việt Nam đang kinh doanh ra sao? |url=https://vietstock.vn/2023/08/vao-tam-ngam-nha-bang-lon-thu-hai-thai-lan-home-credit-viet-nam-dang-kinh-doanh-ra-sao-737-1102501.htm#:~:text=Tr%C6%B0%E1%BB%9Bc%20%C4%91%C3%B3%20n%C4%83m%202022%2C%20Home,g%E1%BA%A7n%202.2%20l%E1%BA%A7n%20n%C4%83m%202021. |access-date=2024-01-06 |language=vi}} ROE reached 18.64%, a significant increase from 10.6% in 2021.{{Cite web |title=Vào tầm ngắm nhà băng lớn thứ hai Thái Lan, Home Credit Việt Nam đang kinh doanh ra sao? |url=https://www.phs.vn/tin-tuc/vao-tam-ngam-nha-bang-lon-thu-hai-thai-lan-home-credit-viet-nam-dang-kinh-doanh-ra-sao/6103226 |access-date=2024-01-06 |website=www.phs.vn |language=en}} However, the 30-day payment capacity ratio in USD was negative 960.25%,{{Cite web |date=2023-08-29 |title=Tổng nợ phải trả của HomeCredit cao gấp 2,77 lần vốn chủ sở hữu |url=https://thuongtruong.com.vn/news/tong-no-phai-tra-cua-homecredit-cao-gap-277-lan-von-chu-so-huu-108434.html |access-date=2024-01-06 |website=Báo điện tử Thương Trường |language=vi-VN}}{{Cite web |last=Trần |first=Lành |date=2023-01-06 |title=homepaylater |url=https://www.homepaylater.vn/ |access-date=2024-01-06 |language=vi}}{{Cite web |last=hanoimoi.vn |date=2022-12-08 |title=Home Credit lọt Top 100 doanh nghiệp bền vững Việt Nam nhờ chiến lược ESG toàn diện |url=https://hanoimoi.vn/home-credit-lot-top-100-doanh-nghiep-ben-vung-viet-nam-nho-chien-luoc-esg-toan-dien-3826.html |access-date=2024-01-06 |website=hanoimoi.vn |language=vi}} while the legal requirement for this ratio is at least 5%. The short-term capital to medium-long term loan ratio increased from negative 7.03% at the end of 2021 to 14.29%.{{Cite web |title=Công cụ đầu tư - Toàn diện nền kinh tế, mọi góc độ doanh nghiệp |url=https://data.vdsc.com.vn/2023/08/vao-tam-ngam-nha-bang-lon-thu-hai-thai-lan-home-credit-viet-nam-dang-kinh-doanh-ra-sao-737-1102501.htm |access-date=2024-01-06 |website=data.vdsc.com.vn}}
References
External links
{{Portal|Companies|Czech Republic}}
- {{Official website|http://www.homecredit.net/}}
Category:Financial services companies established in 1997
Category:Financial services companies of the Czech Republic