Security Bank announces strategic partnership with Thailand’s Krungsri

Security Bank Corporation (PSE: SECB) announced its strategic partnership with Thailand’s Bank of Ayudhya (SET: BAY), commonly known as Krungsri.

Upon closing of the transaction after all regulatory approvals are obtained, Krungsri or its subsidiaries will acquire a 50% stake in SB Finance Company, Inc. (SBF), SECB’s consumer finance subsidiary.

The partnership will see the two banks working together to provide top-notch consumer finance products to more Filipinos. The joint venture strengthens the relationship between the two institutions which have MUFG Bank, Ltd. as a common shareholder.

SBF is expected to grow its loan portfolio and loan products suite as the collaboration builds on the strengths of Security Bank in the country’s unsecured personal loan segment, while leveraging on Krungsri’s expertise in the ASEAN retail finance market, being the number one consumer finance provider in Thailand, with presence in Laos, Cambodia and Myanmar.

Security Bank President & CEO Sanjiv Vohra said, “Security Bank and Krungsri are both committed to accelerating customer-centricity in banking. By localizing the strategies that propelled Krungsri to become Thailand’s market leader in consumer finance, SBF is well positioned to scale the business faster, launch better and more innovative product variants, serve more customers and, in effect, substantially grow its market share in retail business.”

He added that the newly formed alliance is part of SECB’s aggressive strategy to expand its retail offerings. The integration will also allow SBF to adopt more sophisticated risk management models and incorporate more process efficiencies in its operations. “This joint venture is just one of several projects in our pipeline. We plan to rollout more significant initiatives in the future as we further our goal to enhance our customers’ experience and strengthen our position in the consumer retail market,” added Mr. Vohra. The two banks plan to jointly explore opportunities in personal loans, motorcycle loans and insurance.

Krungsri President & CEO Seiichiro Akita said, “We are very pleased to partner with a leading financial institution like Security Bank. Together, the two banks will join hands in developing and delivering quality consumer finance products to people in the Philippines. With expertise and experiences from both sides, the collaboration between Krungsri and SECB will enhance SBF’s business competitiveness while penetrating and serving the Philippines’ high growth consumer finance market.”

Security Bank and Krungsri appointed ING Bank N.V. as financial advisor on this transaction.

in photo: Security Bank Corporation (PSE: SECB) President & Chief Executive Officer Sanjiv Vohra and Bank of Ayudhya PCL (SET: BAY) President & Chief Executive Officer Seiichiro Akita with (standing from left) SECB Senior Vice President & Consumer Business and Operations Group Head Abigail Casanova; SECB Director, Executive Vice President & Head of Alliance Segment Takahiro Onishi; SECB Executive Vice President & Retail Banking Segment Head Ma. Cristina Tingson; and BAY Executive Vice President & Head of Corporate Planning Division Masashi Miyazaki

Security Bank is among the six largest private domestic universal banks in the Philippines by total assets (at Php 763 billion) as of March 31, 2019.

Security Bank’s major awards received in 2019 are: The Best Retail Bank in the Philippines for 2019 by The Asian Banker and Deposit Product of the Year – “All Access Account” by The Asian Banker. Awards received in 2018 were: Bank of the Year- Philippines 2018 by The Banker; Best Bank in the Philippines 2018 by Global Finance; The Best Retail Bank in the Philippines for 2018 by The Asian Banker; Best Retail Bank in the Philippines 2018 by Alpha Southeast Asia; Asia’s Best CEO (Investor Relations, Philippines) for Mr. Alfonso L. Salcedo, Jr., Asia’s Best CFO (Investor Relations, Philippines) for Mr. Joselito E. Mape, and Best Investor Relations Company Philippines from Corporate Governance Asia; and People Program of the Year Award for Security Bank’s Total Wellness Program by People Management Association of the Philippines (PMAP).

Security Bank’s awards in 2017 were: Alpha Southeast Asia’s Best Bank in the Philippines; Asiamoney’s Best Bank for SMEs–Philippines; Capital Finance International’s Best Digital Bank–Philippines; The Asian Banker’s Future of Finance in Philippines Awards Deposit Product of the Year (All Access Account); The Asset Benchmark Research Awards’ Top Bank for Government Bonds, Top Bank for Corporate Bonds, and Top Investment House; The Asset Triple A Awards 2017 Best Regional Specialist (Public Sector), Philippines, and Best in Treasury and Working Capital (Public Sector), Philippines; from KAPATID 2017 Awards of the Employers Confederation of the Philippines — Special Citation Award on Industrial Peace and Harmony; and from Corporate Governance Asia — Asia’s Best CEO (Investor Relations, Philippines) for Mr. Alfonso L. Salcedo, Jr., Asia’s Best CFO (Investor Relations, Philippines) for Mr. Joselito E. Mape, and Best Investor Relations Company Philippines.

In 2016, the Bank was named Bank of the Year–Philippines by The Banker; Philippines’ Best Bank by Euromoney; Best Improved Retail Bank in Asia Pacific, Central Asia, Africa and the Gulf Region by The Asian Banker; Highly Commended as Best Bancassurance by Retail Banker International; Award for Excellence for the Better Banking Campaign from the Philippine Quill Awards; Best Electronic Bank for the Philippines by The Asset; and Best Cash Management and Treasury and Working Capital Bank by The Asset.

The Bank has been operating for 68 years since it was established in 1951. More information is available on its website:

Krungsri (Bank of Ayudhya PCL and its group companies) is the fifth largest financial group in Thailand in terms of assets, loans, and deposits, and one of Thailand’s five Domestic Systemically Important Banks (D-SIBs) with 74 years of history in the country. Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s largest financial organizations. Krungsri provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 698 branches (658 Banking Branches and 40 Auto Business Branches) and over 34,186 service outlets nationwide. The Krungsri Group is the largest card issuer in Thailand with 9.5 million credit cards, sales finance, and personal loan accounts in its portfolio; a major automobile financing service provider (Krungsri Auto); one of the fastest growing asset management companies (Krungsri Asset Management); and a pioneer in microfinance (Ngern Tid Lor).

Krungsri is strongly committed to the highest level of integrity in conducting its business. All Krungsri Group companies have been awarded accreditation from the Private Sector Collective Action Coalition Against Corruption (CAC) in collaboration with industry peers and stakeholders on a zero tolerance approach to corruption.

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with around 3,000 locations in more than 50 countries. The Group has over 180,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit