MANILA - Security Bank Corp. on Tuesday said it completed its alliance with Thailand's Krungsri following the sale of unit SB Finance Co. to Bank of Ayudhya (also known as Krungsri).
Krungsri acquired a 50 percent stake in SB Finance Co., the consumer finance subsidiary of Security Bank after securing approvals from both Thailand and the Philippines, the bank told the stock exchange.
Through the partnership, the customer-centric digital lending experience will be available to Filipinos and small business owners, Security Bank 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," Security Bank President and CEO Sanjiv Vohra said.
"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," he added.
The partnership is also set to offer loan products for personal and small business needs, it said.
In 2016, MUFG Bank bought a 20 percent stake in Security Bank allowing access to MUFG’s global expertise and growing its business beyond local borders.
ING Bank N.V. was appointed by Krungsri and Security Bank as the financial advisor on this transaction.