Security Bank is bolstering its consumer lending operations by purchasing a 25% share in Home Credit Philippines The transaction has a value of ₱10.36 billion and involves Japan’s MUFG Bank Ltd., enabling the local bank to broaden its scope and provide financial services to a larger clientele.
As stated in a filing with the Philippine Stock Exchange, the purchase has received approval from the Bangko Sentral ng Pilipinas (BSP). With this step, Security Bank will gain entry to Home Credit’s more than 11 million clients, utilizing their services such as cash loans and revolving credit.
Even after the acquisition, Krungsri, a Thailand-based bank and subsidiary of MUFG, continues to hold a controlling share in Home Credit Philippines with 75% ownership.
Security Bank has demonstrated robust expansion and excellent fiscal outcomes, announcing an all-time high net income of ₱11.2 billion for the previous year. The new funding aims to speed up their shift towards digital advancements and enhance user satisfaction.
Through bolstering its consumer finance sector, Security Bank aims to make credit and lending options more readily available to Filipinos, thereby aiding national initiatives for greater financial inclusiveness.
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