Security Bank said Ayudhya Bank of Thailand will purchase half of its consumer finance division on Friday, forming a strategic alliance to expand its credit portfolio and product suite.
The Security Bank and the Thai lender, widely known as Krungsri, both have the common shareholder of Japan’s MUFG Bank. Bank of Ayudhya will take a 50% interest in SB Finance Co, said a declaration from the Filipino bank.
Last July 26, Vohra informed The Boss of ANC that credit development had been “over the board,” with credit cards and auto loans leading to expansion.
According to Vohra, further interest rate reductions by the Bangko Sentral ng Pilipinas will assist to boost loan development. The BSP cut the benchmark borrowing rate by 25 basis points last Thursday with gross domestic product growth in the second quarter at a4-year low.
Security Bank cited Krungsri’s status as the top consumer finance provider in Thailand, with operations in Laos, Cambodia and Myanmar