Security Bank, MUFG ink cash management deal

MANILA, Philippines — Security Bank further strengthened its partnership with Japan’s MUFG Bank Ltd. through a new agreement aimed at raising the bar for financial service excellence.

Security Bank president and chief executive officer Sanjiv Vohra said the cash management partnership agreement would provide MUFG clients with products and services that are suited to the domestic front while complementing its current product offerings.

“With this, MUFG’s corporate clients will gain access to the full range of Security Bank’s cash management portfolio. Our partnership is an incredible opportunity for us to take the best of Security Bank and MUFG and raise the bar for financial service excellence in the region,” Vohra said.

MUFG spent P37 billion to acquire a 20 percent stake in Security Bank  in 2016 as both banks have leveraged on their combined networks and capabilities to collaborate on various initiatives.

Under the latest partnership, corporate clients of MUFG could access Security Bank’s cash management system through its DigiBanker platform.

Aside from extending the collection network of MUFG clients in different parts of the country with the extensive solutions of Security Bank, customers of MUFG can also capitalize on using its robust system for their disbursement requirements whether online or via check payments.

MUFG country head for the Philippines Yuichi Yamagishi said the latest collaboration with Security Bank is not only a reaffirmation of the importance of the Philippines to MUFG’s network in Asia Pacific, “but our ongoing commitment to partnering with a leading institution for success.”

“We have no doubt this agreement will significantly enhance our service delivery and facilitate greater business flow across the region. We would like to thank Security Bank for this fantastic opportunity to further serve our clients with excellence and distinction,” Yamagishi said.

Security Bank is the 10th largest lender in the country in terms of assets with P653.4 billion, based on data from the Bangko Sentral ng Pilipinas (BSP). It has 313 branches and 787 ATMs nationwide.