Ho Chi Minh City Development Commercial Joint Stock Bank (HDBank) announced on March 24, 2026 that it has increased its equity interest in HD SAISON Finance Company Limited from 50% to 75%, formally securing majority control of one of Vietnam’s highest-performing consumer finance companies. The transaction, carried out under Resolution No. 554/2026CV-HDBank of the bank’s Board of Directors, involves acquiring a 25% interest from Credit Saison Co., Ltd., the Tokyo Stock Exchange-listed Japanese financial services group that has held a 49% stake in HD SAISON since the joint venture’s formation in 2015. Transaction value was not publicly disclosed.
Key Facts At A Glance
- HDBank raised its stake in HD SAISON Finance from 50% to 75%, effective March 24, 2026
- The acquired 25% interest was purchased from Credit Saison Co., Ltd. (Japan), which previously held 49%
- HD SAISON Finance has a charter capital of VND 2,350 billion and serves a customer base of over 33 million
- HD SAISON recorded 21.2% loan book growth in 2025, with record pre-tax profit of approximately $55.6 million
- Key financial metrics: return on average equity above 22%, return on assets 5–5.8%, capital adequacy ratio above 24%
- HDBank’s Board has referenced a planned HD SAISON IPO in 2026 as a subsequent step following this consolidation
- HDBank’s AGM, held April 24, 2026, set a group pre-tax profit target of more than 30% growth for full-year 2026
Strategic Consolidation
The acquisition brings HD SAISON formally under the operational control of the HD Finance Group (HDFG) ecosystem, which HDBank has been building as an integrated financial services platform spanning retail banking, digital banking, consumer lending, and securities. HDBank’s stated rationale centers on three objectives: consolidating economic interests across the group, accelerating data integration across its ecosystem of over 34 million customers, and optimizing cross-selling between its banking, consumer finance, digital banking, and securities arms.
HD SAISON Finance was originally incorporated in 2015 as a joint venture between HDBank and Japan’s Credit Saison, a Mizuho Financial Group-affiliated company that is among Japan’s largest credit card issuers. The 49-to-1 ownership structure, with Credit Saison holding 49% and Ho Chi Minh City Securities Company holding 1%, gave HDBank nominal majority at 50% but limited its strategic autonomy over the subsidiary. The new 75% position formally closes that gap.
HD SAISON’s Operational Profile
HD SAISON is a point-of-sale consumer lender operating across Vietnam through a network of over 21,000 service points and more than 8,000 employees, offering installment financing for motorcycles, electronics, household appliances, and personal use. The company serves a predominantly mass-market customer segment with no income proof requirements, positioning it to capture Vietnam’s large underbanked population.
The company’s financial performance has been among the strongest in the sector. In 2025, HD SAISON’s outstanding loan portfolio grew 21.2%, and pre-tax profit reached approximately VND 1,390 billion ($55.6 million), its highest level on record. Its capital adequacy ratio exceeds 24%, placing it among the best-capitalized consumer finance companies in the Vietnamese market, while its non-performing loan ratio remains below sector norms. HD SAISON’s management targets an ongoing return on equity above 25% and return on assets above 5%.
IPO Positioning
HDBank’s Board of Directors has publicly referenced a 2026 IPO for HD SAISON as a step it expects to follow from the ownership consolidation. A bank representative stated that the IPO “will add another financial institution to contribute to the overall growth of the parent bank.” No exchange, valuation, or formal filing timeline has been publicly disclosed, and the IPO remains subject to regulatory approvals and market conditions. Vietnam’s IPO market in 2026 is broadly expected to favor financial sector listings, particularly as the country’s pending FTSE Russell emerging market upgrade from September 2026 draws greater foreign investor attention to listed Vietnamese securities.
The consolidation is also strategically timed in the context of Vietnam’s wider consumer finance sector reshaping. Thailand’s Siam Commercial Bank terminated its approximately $880 million acquisition of Home Credit Vietnam in March 2026, and Thailand’s Krungsri received in-principle approval from the State Bank of Vietnam in March 2026 to acquire SHBFinance. With major sector transactions either collapsing or proceeding, HDBank’s move to secure full control of HD SAISON positions it as a domestically anchored consolidator in what analysts have described as a new consumer credit growth cycle for Vietnam.
HDBank Group Targets
At HDBank’s Annual General Meeting held on April 24, 2026, management confirmed group-level targets for 2026 of more than 30% pre-tax profit growth, reaching approximately VND 27,720 billion, alongside total asset growth above 28% and credit growth of approximately 35%. The bank also indicated plans to list HD Securities Joint Stock Company (HDBS) on the stock exchange in 2026, a measure that would further advance the group’s multi-entity capital market positioning.