Krungsri (Bank of Ayudhya PCL) and Security Bank Corporation (SBC), one of the leading banks in the Philippines, announced today that, having obtained all necessary regulatory approvals in Thailand and the Philippines, Krungsri has successfully acquired a 50% stake of ownership in SB Finance Company, Inc. (SBF), a consumer finance subsidiary of SBC. This transaction completion follows the share purchase agreement announced on 8 August 2019.
Krungsri President and Chief Executive Officer, Mr. Seiichiro Akita, said ?We are delighted with this successful completion of the purchase agreement, and very grateful for all regulatory approvals. The partnership with SBC provides us not only a new geographical coverage beyond CLMV, but also a new opportunity to contribute in a meaningful manner in the consumer finance space in the Philippines. Krungsri will support SBF through its expertise in consumer finance encompassing product development, marketing and sales channel enhancement as well as risk management.?
?Having MUFG Bank, Ltd. as a common shareholder, this transaction clearly demonstrates that both Krungsri and MUFG have strong confidence and commitment to the Philippine economy, and, meanwhile, reaffirms Krungsri?s aspiration to become an ASEAN financial powerhouse.?
Mr. Akita added.
Leveraging Krungsri?s expertise and leadership in Thailand?s consumer finance market, SBF will be well equipped for growing its loan portfolio and loan products suite built on its strengths in the country?s personal loan segment. The partnership is set to offer various loan products that cater to personal and small business needs of the Filipino market.
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 33,461 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 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).
More information is available on our website: www.securitybank.com.
About MUFG
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world?s leading financial groups. Headquartered in Tokyo with over 360 years of history, MUFG has a global network with over 2,700 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. For more information, visit https://www.mufg.jp/english.