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Home Credit, PAG Asia Capital end China expansion partnership

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Home Credit, PAG Asia Capital end China expansion partnership

Netherlands-based consumer finance company Home Credit BV and private equity firm PAG Asia Capital have ended a partnership to develop the former's business in China, DealStreetAsia reported Sept. 7, citing Milan Tomanek, group head of public relations at Home Credit.

Further, PAG Asia Capital will no longer invest more than 2 billion Chinese yuan in Home Credit's Hong Kong-based subsidiary.

The two parties signed the partnership agreement in July 2017, and the long-term goal of the strategic partnership was to eventually list Home Credit China on an internationally recognized stock exchange.

As of Sept. 7, US$1 was equivalent to 6.84 Chinese yuan.