Security Bank Corp. and Thailand’s Bank of Ayudhya– the two major shareholders of SB Finance–have obtained respective internal approvals to infuse additional capital to SB Finance amounting to P3 billion. Security Bank and Krungsri both have MUFG Bank, Ltd. as a common shareholder.
SB Finance will issue 25,850,000 common shares that will be subscribed to on a 50:50 basis by Security Bank and Krungsri upon receipt of requisite regulatory approvals.
“The capital infusion of both Security Bank and Krungsri into SB Finance is an expression of support in the recovery of the Philippine economy. This move shows that SB Finance is ready to help foster economic growth as businesses begin to recover from the effects of the pandemic. This additional capital infusion further cements Security Bank’s strategic partnership with Krungsri to help rebuild consumer confidence and foster financial inclusion,” said Security Bank president and chief executive officer Sanjiv Vohra.