Money

Thai bank seals deal to acquire 50% of SB Finance

Thailand’s Bank of Ayudhya, a member of Mitsubishi UFJ Financial Group, has completed the purchase of a 50% stake in Security Bank’s consumer finance unit.

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

“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,” said Security Bank president and CEO Sanjiv Vohra.

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.

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