Security Bank seals strategic partnership with Thailand’s Krungsri

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

Having obtained all the necessary regulatory approvals in the Philippines and in Thailand, Krungsri has acquired a 50% stake in SB Finance Company, Inc. (SB Finance), Security Bank’s consumer finance subsidiary.

The partnership will make a customer-centric digital lending experience available to all Filipinos and small business owners and will strengthen the relationship between the two institutions which have MUFG Bank, Ltd. as a common shareholder.

Security Bank President & CEO Sanjiv Vohra said, “The closing of this transaction comes at a very opportune time.  This strategic partnership with Bank of Ayudhya will help rebuild consumer confidence and enhance financial inclusion at this time of the COVID-19 pandemic.  We are confident that by leveraging on Krungsri’s strength in the ASEAN retail finance market and in consumer risk management, we can contribute meaningfully to the economic recovery of the Philippines.”

In 2016, MUFG Bank bought a 20% stake in Security Bank Corporation that allowed the local bank to access MUFG’s global expertise and grow its business beyond local borders.

SB Finance 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.  The partnership is set to offer various loan products that cater to personal and small business needs of the Filipino market, while building on Krungsri’s expertise as the number one consumer finance provider in Thailand.

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

About Security Bank

Security Bank is the seventh largest private domestic universal bank in the Philippines by total assets (at Php 740.4 billion) as of June 30, 2020.  The Bank has been operating for 69 years since it was established in 1951. Security Bank has a total of 307 branches and 811 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).

About Krungsri

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 75 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 683 branches (643 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 9.4 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.

About MUFG

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 2,700 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 its operating companies and flexibly responding to all of the financial needs of its 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, India, Indonesia 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.

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