Security Bank inks deal with SMC Asia Car

MANILA, Philippines — Distributor Security Bank Corp., together with its subsidiary SB Rental, has signed a contract with SMC Asia Car Distributors Corp., which is the official importer and distributor of BMW Group products in the Philippines.

In a statement, the bank said that the agreement would enable the lender to offer BMW cars and motorcycles leasing to clients with features such as low initial cash outlay and flexible payment terms.

“This partnership with BMW Philippines will provide our customers an additional payment option to purchase a brand-new BMW unit,” Jaja Acosta, focus segment specialist for the automotive industry at Security Bank, said.

“Our leasing program also includes insurance and maintenance to make it more convenient for the clients,” Acosta said.

Security Bank and BMW Philippines said they are committed to providing customers with convenient and flexible leasing options for BMW units, including insurance and maintenance, to enhance the overall purchasing experience.

Security Bank Corp. booked a 12-percent jump in net income to P8.55 billion in the first nine months versus a year-ago level of P4.83 billion amid higher revenues.

For the third quarter alone, net earnings rose by 14 percent to P3 billion year-on-year. On a quarterly basis, the bank’s profit inched up by seven percent.

For the nine-month period, Security Bank’s loans increased by 24 percent to P623 billion, while its deposit base also grew by 28 percent to P720 billion.

Retail and micro, small and medium enterprise loans grew by 38 percent year-on-year, driven by home loans which grew 21 percent, credit cards which rose 70 percent, auto loans which grew 51 percent and MSME loans which increased 58 percent.

The 73-year-old bank has 334 branches and 678 ATMs nationwide.