Thailand’s Bank of Ayudhya, commonly known as Krungsri, completed all requirements to acquire 50% of SB Finance Company, Security Bank’s consumer finance subsidiary. 

Security Bank said on Tuesday, October 20, that the partnership will “make a customer-centric digital lending experience available to all Filipinos and small business owners.”

The partnership also sets SB Finance to offer various loan products that cater to personal and small business needs of the Filipino market.

Security Bank will retain a 49.5% interest in SB Finance.

Security Bank president and chief executive officer Sanjiv Vohra said the deal would allow Security Bank to leverage on Krungsri’s strength in the retail finance market and consumer risk management in Southeast Asia.

“This strategic partnership with Bank of Ayudhya will help rebuild consumer confidence and enhance financial inclusion at this time of the COVID-19 pandemic,” Vohra said.

The deal was cleared by the Philippine Competition Commission last September.

Security Bank is the 7th largest bank in the Philippines with P740 billion in assets.

Meanwhile, Krungsri is the 5th largest financial group in Thailand in terms of assets, loans, and deposits. – Rappler.com