Security Bank financing arm strengthens personal lending business

MANILA, Philippines — The financing arm of listed Security Bank Corp. has partnered with the largest network retailer in Luzon in its bid to further boost its personal loan business in the country.

SB Finance, a strategic partnership between Security Bank and Bank of Ayudhya (Krungsri) in Thailand, has partnered with KServico to offer payment installment options through its Pay Hooloogan service.

KServico offers a wide array of electronic equipment, furniture, motorcycle accessories and three-wheeled vehicles in Luzon. Under the partnership, customers who use Pay Hooloogan can avail of financing options with no down payment required.

SB Finance president Abbie Casanova said the company is delighted to partner with KServico, one of the leading appliance and motorized vehicle dealers in Luzon.

“With Pay Hooloogan, Filipinos can get the things they need with easy, convenient and affordable payment options. This partnership helps us reach more Filipinos and help make their dreams a reality,” Casanova said.

Hooloogan offers a credit line of up to P200,000 that can be availed through the zuki mobile app, for the purchase appliances, furniture, laptops, and smartphones at Hooloogan partner establishments through the Pay Hooloogan facility in easy installment terms.

KServico president Lolita Mercado said the appliance and motorized vehicle dealer is grateful to SB Finance for offering the Pay Hooloogan service to its customers.

“This addition to our payment options allows customers to get the things they aspire for. We’re optimistic that through Pay Hooloogan, more Filipinos will be able to get the things they want, on their terms,” Mercado said.

SB Finance offers multi-purpose personal loans for essential expenses and to cover cash needs for education, business, and obligations. Its main product offerings via the zuki mobile app include Hooloogan, Personal Loan, Car4Cash, and MotorsikLOAN.

The earnings of Security Bank jumped by 77 percent to P8.6 billion from January to September this year as revenues inched up by seven percent to P29.4 billion, driven by the strong growth of its core businesses, lower credit provisions, and normalized income tax provisions.

The bank’s loan book grew by 12 percent to P484 billion, while its deposit base also increased by 12 percent to P583 billion during the nine-month period.