Thai Krungsri to buy 50% stake in consumer finance unit
Thailand's Bank of Ayudhya, known as Krungsri, plans to acquire a 50% stake in SB Finance Co. Inc. (SBF), the consumer finance subsidiary of Philippines-based Security Bank Corp., The Manila Times reported. However, the deal is still pending regulatory approvals.
The move is expected to enable both banks to provide top-notch consumer finance products to more Filipinos. Moreover, following the transaction, both groups will have MUFG Bank Ltd. as a common shareholder.
The acquisition will also allow SBF profit from Krungsri's expertise in the Association of Southeast Asian Nations retail finance market. In addition to Thailand, Krungsri is present in Laos, Cambodia and Myanmar, The Manila Times added.Original source: The Manila Times