Security Bank Corporation (PSE:SECB) recently announced that it has closed a deal with its global partner MUFG Bank, Ltd. (MUFG) that will allow MUFG’s corporate clients to gain access to the bank’s cash management system, DigiBanker.
The agreement aims to provide MUFG’s clients with product and services that are suited to the domestic front while complementing its current product offerings.
In a virtual signing ceremony held on March 18, 2021, Security Bank’s President and CEO Sanjiv Vohra, together with MUFG’s Country Head for the Philippines Yuichi Yamagishi, signed the agreement which formalized the partnership of the two banks.
“After months of extensive and fruitful discussions, we are honored to be entering into a Cash Management Partnership Agreement with MUFG. With this, MUFG’s corporate clients will gain access to the full range of Security Bank’s cash management portfolio. Our partnership is an incredible opportunity for us to take the best of Security Bank and MUFG and raise the bar for financial service excellence in the region,” says Mr. Vohra.
This partnership will allow MUFG’s clients to extend their collection network in different parts of the country with the extensive solutions of Security Bank through its DigiBanker platform. MUFG’s customers can also capitalize on using SBC’s robust system for their disbursement requirements whether online or via check payments.
Mr. Yamagishi says: “This latest collaboration between our two banks is not only reaffirmation of the importance of the Philippines to MUFG’s network in Asia Pacific, but our ongoing commitment to partnering with a leading institution like Security Bank for success. We have no doubt this agreement will significantly enhance our service delivery and facilitate greater business flow across the region. We would like to thank Security Bank for this fantastic opportunity to further serve our clients with excellence and distinction.”
In 2016, the two banks completed its strategic partnership deal with MUFG buying a 20% stake into Security Bank. Since then, both banks have leveraged on their combined networks and capabilities to collaborate on various initiatives, such as the recent acquisition of Security Bank’s consumer lending arm, SB Finance by MUFG’s partner bank in Thailand, Bank of Ayudhya (Krungsri). This year also marks the fifth anniversary of their strategic partnership.
To find out more about Security Bank’s services and the world class banking services of the MUFG network, you may visit www.securitybank.com or https://www.mufg.jp/english respectively. You can also visit Security Bank’s Facebook page at www.facebook.com/SecurityBank.
in photo: Top left, Yuichi Yamagishi, Country Head of MUFG Manila, Top Center, Sanjiv Vohra, President and CEO of Security Bank, Top right: Bernard Deveza, Head of Transaction Banking, MUFG Manila, Bottom left, Charles Rodriguez, EVP and Head of Wholesale Banking, Security Bank, Bottom Center, Akio Adachi, Deputy Country Head, MUFG Manila and Bottom right, John Cary Ong, EVP and head of Transaction Banking Group, Security Bank
About Security Bank
Security Bank is the eighth largest private domestic universal bank in the Philippines by total assets (at Php 650.8 billion) as of September 30, 2020. The Bank has been operating for 69 years since it was established in 1951. Security Bank has a total of 313 branches and 787 ATMs to-date.
Security Bank’s major citations in 2020 are: Best Bank in the Philippines for 2020 by The Lafferty Group (The Statement Magazine); and Best Retail Bank in the Philippines in 2020 by Alpha Southeast Asia.
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; Automobile Lending Product of the Year by The Asian Banker (Philippines Awards 2019) and Deposit Product of the Year by The Asian Banker (Philippine Awards 2019); Best Bank in the Philippines in 2019 by Alpha Southeast Asia and Best SME Bank in the Philippines in 2019 by Alpha Southeast Asia; and Best Bank for SMEs in the Philippines in 2019 by Asiamoney.
Major 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; and People Program of the Year Award for Security Bank’s Total Wellness Program by People Management Association of the Philippines (PMAP).
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 2,600 locations in more than 50 markets. 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.
MUFG Bank, Ltd. is Japan’s premier bank, with a global network spanning more than 50 markets. Outside of Japan, the bank offers an extensive scope of commercial and investment banking products and services to businesses, governments and individuals worldwide.
In Asia, MUFG has a presence across 20 markets – Australia, Bangladesh, Cambodia, China, Hong Kong, Indonesia, India, South Korea, Laos, Malaysia, Mongolia, Myanmar, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam.
It has also formed strategic partnerships with some of the most prominent banks in Southeast Asia, further augmenting its unrivalled network across the region – VietinBank in Vietnam, Krungsri in Thailand, Security Bank in the Philippines and Bank Danamon in Indonesia.
For more information, visit https://www.mufg.jp/english.