FRIDAY, March 29, 2024
nationthailand

Krungsri takes 50% stake in Filipino finance company

Krungsri takes 50% stake in Filipino finance company

Krungsri (Bank of Ayudhya) has acquired a 50 per cent stake in SB Finance (SBF), a subsidiary of leading Filipino bank Security Bank Corporation (SBC).

Krungsri said on Tuesday the acquisition had been completed after getting the green light from regulators in Thailand and the Philippines. The deal stems from a share purchase agreement announced on August 8, 2019.
Krungsri president and CEO Seiichiro Akita said the partnership with SBC extends the Thai bank’s reach beyond peninsular Southeast Asia. Krungsri said it will support SBF through its expertise in consumer finance encompassing product development, marketing and sales channel enhancement as well as risk management.”
“Having [Japan’s] MUFG Bank 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,” Akita added.
The partnership is set to offer various loan products that cater to the personal and small business needs of the Filipino market.

nationthailand