Published February 24, 2021, 5:00 AM
SB Finance’s two major shareholders, Security Bank Corporation and Thailand’s Bank of Ayudhya (commonly named as Krungsri), have obtained their respective internal approvals to infuse P3 billion in additional capital to the company.
In a disclosure to the Philippine Stock Exchange, Security Bank said SB Finance will issue 25.85 million common shares which 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,” said Security Bank President Sanjiv Vohra.
February 24, 2021 | 12:03 am Advertisement
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SECURITY Bank Corp. and Bank of Ayudhya Public Co. Ltd. are looking to infuse P3 billion in capital into SB Finance, Inc. BW FILE PHOTO
SECURITY BANK CORP. and Thailand-based Bank of Ayudhya Public Co. Ltd. (Krungsri) are set to infuse P3 billion in fresh capital into their consumer finance subsidiary SB Finance, Inc. for its expansion.
Security Bank told the local bourse on Tuesday that the two banks have obtained internal approvals to infuse the additional capital as SB Finance gears up to expand its business and invest in digital technology.
SB Finance will issue 25,850,000 common shares that will be subscribed to on a 50:50 basis by Security Bank and Krungsri once they get approvals from regulators, it said.
MANILA, PHILIPPINES - MAY 16: A worker is seen wearing a face mask and face shield at a restaurant inside a mall on May 16, 2020 in Quezon city, Metro Manila, Philippines. The Philippine government began easing quarantine measures in many areas of the country, but has extended the lockdowns in Manila and a few other cities until May 31. Manilas lockdown, one of the worlds strictest, will extend to 80 days longer than the 76-day lockdown of Wuhan, the Chinese city that was the early epicenter of COVID-19. T
Rick Santos, CEO of Santos Knight Frank, is optimistic that with the continuous partnership of the private sector and the government, the economy would be revitalised. Though badly hit, the tourism, leisure and hospitality industries are seeing an increase in volumes of deals, according to Santos.
December 18, 2020 | 12:04 am Font Size
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MOODYâS INVESTORS Service affirmed Security Bank Corp.âs long-term debt rating of Baa2, citing the lenderâs strong capitalization and profitability.
In a Dec. 14 credit opinion, the debt watcher also retained its âstableâ outlook for the bankâs rating, which means the grade could be retained for the next 12 to 18 months.
Moodyâs said the rating reflects their assumption of moderate level of systemic support from the government given Security Bankâs position as one of the biggest medium-sized banks in the Philippines.
It said the bankâs credit strengths lie in its ârobust capitalizationâ and âstable profitability, supported by lower cost of funds.â