20 October 2020
Bangkok (20 October 2020) - 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.