SHBFinance Renamed SFinance as Krungsri Takes Full Ownership

Overview

SHBFinance, the consumer finance subsidiary of Saigon-Hanoi Commercial Joint Stock Bank (SHB), has been renamed SFinance following the transfer of 50% of its capital to Thailand’s Krungsri. The remaining capital is scheduled to be transferred according to an approved roadmap, completing the full ownership change. This transaction is significant for SHB (HOSE: SHB) as it exits the consumer finance sector and for Krungsri as it expands its footprint in Vietnam.

Key Facts

• SHBFinance has been renamed to Công ty Tài chính tín dụng Tiêu dùng TNHH MTV SFinance (SFinance).
• The company transitioned from a multi-member LLC to a single-member LLC in mid-July.
• 50% of SHBFinance’s capital has been transferred to Krungsri, with the remaining 50% to follow per an approved roadmap.
• Krungsri is the fifth-largest financial group in Thailand by assets and a member of Mitsubishi UFJ Financial Group (MUFG).
• SHBFinance reports approximately 4,500 employees and 1 million customers, ranking among the top 8 consumer finance companies in Vietnam.
• The company plans to expand cash loans, credit cards, and online lending, with increased investment in digital technology and security.

What Happened

SHBFinance, the consumer finance arm of SHB, has officially changed its name to SFinance as part of the ongoing transfer of its entire capital to Krungsri, a Thai financial group. The company also shifted its corporate structure from a multi-member limited liability company to a single-member LLC in mid-July, reflecting the ownership change. This follows a process initiated two years ago when SHB began transferring 50% of its stake in SHBFinance to Krungsri. The remaining capital is expected to be transferred according to a roadmap approved by relevant authorities.

Olena Khlon, CEO of SHBFinance, stated that the approval of the ownership restructuring provides a foundation for the company to enhance governance, invest in technology, and develop financial products. After more than eight years of operation, SHBFinance has around 4,500 employees and 1 million customers, positioning it among the top eight consumer finance companies in Vietnam. The company intends to continue expanding its product offerings, including cash loans, credit cards, and online lending, while increasing investment in digital technology and security.

Market Context

SHB (HOSE: SHB) closed at VND 11,950 on September 3, 2026. The divestment from SHBFinance aligns with SHB’s strategic focus on core banking operations and regulatory compliance, particularly as Vietnam tightens oversight of consumer finance. For Krungsri, backed by MUFG, the acquisition strengthens its presence in Vietnam’s growing consumer credit market, which has seen rising demand for digital lending. The transaction also reflects a broader trend of foreign financial institutions increasing their stakes in Vietnamese consumer finance companies.

Strategic Significance

For SHB, the full transfer of SHBFinance to Krungsri marks a strategic exit from the consumer finance segment, allowing the bank to concentrate on its core banking business and potentially redeploy capital to higher-return areas. For Krungsri, the acquisition provides a significant foothold in Vietnam’s consumer finance market, leveraging SHBFinance’s existing customer base and distribution network. The involvement of MUFG, a global financial giant, underscores the long-term strategic importance of Vietnam as a growth market. This deal could also signal further consolidation in Vietnam’s consumer finance sector as foreign players seek scale and local banks divest non-core assets.

What to Watch

• Completion of the remaining 50% capital transfer and any regulatory approvals.
• SHB’s use of proceeds from the divestment, including potential capital allocation or special dividends.
• SFinance’s operational performance under Krungsri, including loan growth and asset quality metrics.
• Any changes in SFinance’s management or strategic direction following the ownership change.
• Regulatory developments in Vietnam’s consumer finance sector that could affect SFinance’s operations.