MANILA, Philippines — Security Bank Corp. is further expanding its reach to the mass market through a partnership with the Bank of Ayudhya Public Company Ltd. of Thailand (Krungsri) as part of efforts of the Bangko Sentral ng Pilipinas (BSP) to double the number of Filipino adults with bank accounts.
Abigail Casanova, chief executive officer of SB Finance Company Inc., said the partnership seeks to provide credit to the mass market in response to the call of the central bank for financial inclusion.
“It will have multiplier effects to the economy when the mass market feels confident in their financial knowledge by knowing when to borrow, where to save and how to invest,” Casanova told The STAR.
She said the new products and services catering would be launched in the fourth quarter.
Krungsri spent P1.53 billion to acquire a 50 percent stake in SB Finance from Security Bank.
“We are optimistic that through Krungsri’s track record in risk management, operational excellence and product development, coupled with SB Finance’s expertise in the local industry, Filipinos will have better chances of growing their business and expanding their wealth,” Casanova said.
The partnership is building a seven-year business plan using Krungsri’s business and risk management expertise.
Casanova said SB Finance is also reviewing Krungsri’s product line-up to identify what can be brought to the Philippines and be made available to Filipinos.
“Luckily, the Philippines is an attractive expansion space for Krungsri. On SB Finance’s side, the objective is to scale its operations and expand its presence in the mass market segment and grow the business in the right way,” she said.