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Wednesday, February 28, 2024

Security Bank, MUFG agree to promote Japanese investments in the Philippines

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Security Bank Corp., together with its strategic partner MUFG Bank, signed a memorandum of understanding with the Board of Investments to promote investments in the Philippines through joint business activities.

“This renewed partnership 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 trusted institutions for success. We have no doubt this agreement will facilitate greater business flows across the region and look forward to accelerating our partnership with Security Bank and Board of Investments to further serve Japanese and Filipino companies,” said Takeshi Hashida, country head and managing director of MUFG Bank, Manila Branch.

“Security Bank’s strategic partnership with MUFG, through our Alliance Segment and Wholesale Banking Segment-Japan Desk, will help us create meaningful impact by expanding our ecosystem, integrating best practices, and ushering in global opportunities for local clients,” said Security Bank president and chief executive Sanjiv Vohra.

The joint MOU will foster economic and industrial collaboration between investors and corporations. It also designates special working teams from Security Bank, MUFG and BOI to undertake areas of cooperation.

Security Bank’s working team consists of its Alliance Segment and Wholesale Banking Segment-Japan Desk, comprised of MUFG leaders seconded to the vank. MUFG’s Strategic Planning and Japanese corporate departments round out its working team, working with the BOI’s Investments Promotion Service team.

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“In 2023, the Alliance Segment expects bigger investment interest from Japanese corporations in real estate, renewable energy, infrastructure, and health care, given the momentum in these sectors,” said Juichi Umeno, executive vice president and Alliance Segment head at Security Bank.

“Alliance will continue to pursue matches among Japanese and Filipino companies to ensure the best fit and seamless synergy to get joint ventures moving full steam ahead,” he said.

“MUFG Bank has a solid footprint in export/import businesses particularly with PEZA companies, so we intend to capitalize on this to strengthen client relationships and extend our reach to other industries. Manila Branch collaboration team will remain in a proactive stance to capture Japanese investments by leveraging our APAC network. We will continue to act as a bridge to better connect Filipino businesses with Japanese companies, as well as other potential opportunities across the region,” said Masami Yoshitake, deputy country head and managing director at MUFG Bank, Manila Branch.

The three entities will work together to promote investments by way of customer referrals in the Philippines and Japan from industries or sectors outlined in the Philippines’ Strategic Investment Priority Plan. MUFG will leverage its relationship with Japanese companies, while Security Bank will harness its local capabilities and customer base as potential investment partners, thereby further strengthening business collaboration.

There will also be an exchange of information between Philippine and Japanese investors doing business in the Philippines, industry information, investment projects of interests and investments promotion programs.

Planned initiatives under the MOU include a Philippine online investment seminar in the third quarter, which aims to attract Japanese companies interested in investing in the Philippines and highlight Security Bank and MUFG’s joint capabilities. A seminar in Japan is also scheduled in December 2023.

These key partnerships are a testament to Security Bank’s commitment to achieving its vision of becoming the most customer-centric bank in the Philippines coupled with MUFG Bank’s passion for empowering a brighter future for all stakeholders.

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