Finance publication Asiamoney awarded Security Bank as the country’s Best Bank for SMEs for its consistent support to the needs of small, medium and homegrown businesses.
Asiamoney commended the bank’s digital innovations, electronic cash management services and products like the business express loans—which reduce the turnaround time for a loan application from three weeks to a maximum of five days. The SME loan does not require an application fee or collateral for loans up to P5 million.
“The bank’s small business loans portfolio grew by a remarkable 137 percent in 2018 and continued its strong momentum in the first quarter of 2019. Small business loans as a percentage of total consumer loans almost doubled from 5 percent in the first quarter of 2018 to 9 percent in the first quarter of 2019,” Asiamoney said.
“The bank will continue to pursue initiatives and offer competitive loan products to cater to the expanding SME sector, driving economic growth,” said Security Bank president and CEO Sanjiv Vohra.
Security Bank was also recognized as the Best SME Bank in the Philippines by the Alpha Southeast Asia Award