15.01.2016, 00:51
BTMU Has Concluded Agreement with Security Bank Corporation
OREANDA-NEWS. The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) announced today that it has concluded the Subscription Agreement with Security Bank Corporation (Security Bank), a leading commercial bank in the Philippines and has established capital and business alliances (Investment and Partnership) with the bank.
BTMU will acquire 20.0% of Security Bank's newly issued common shares and preferred shares, subject to regulatory approvals and conditions precedent, and will appoint 2 directors of Security Bank's Board of Directors (BOD).
Objectives of the Investment and Partnership BTMU has been focusing on Asia as its "second core market" and has expanded its business platform in Asia through investments in Bank of Ayudhya (Krungsri), one of the leading commercial banks in Thailand, and VietinBank, one of the top state-owned commercial banks in Vietnam, as well as the opening of its first branch among foreign banks after transition to civilian rule of Myanmar in Yangon. The strategic partnership with Security Bank further reinforces our Asia strategy and enables BTMU to offer more comprehensive financial services to customers in the Philippines, an economy with robust growth potential.
The Philippines, with a population of approximately 100 million people, is ASEAN's second most populous country after Indonesia. The country has in the recent years achieved solid annual economic growth of approximately 6% on its real GDP, backed by robust private consumption and the development of Business Process Outsourcing (BPO) sector. Demand for financial services is expected to accelerate as the Philippines economy expands further, since its credit and deposit penetration rate, as a proportion of GDP, still remain one of the lowest in ASEAN.
Security Bank is an independent universal bank listed on the Philippines Stock Exchange and offers diversified financial services. A notable characteristic is that Security Bank is not part of any local conglomerate. Security Bank has rapidly expanded its business and customer base in recent years and is one of the highest profitable and fastest growing banks in the country.
BTMU has been supporting customers in the Philippines for over 60 years, since BTMU opened its representative office in Manila in 1953. The partnership with Security Bank will enable BTMU to offer a broader range of services to meet the evolving needs of a larger customer base.
BTMU will acquire 20.0% of Security Bank's newly issued common shares and preferred shares, subject to regulatory approvals and conditions precedent, and will appoint 2 directors of Security Bank's Board of Directors (BOD).
Objectives of the Investment and Partnership BTMU has been focusing on Asia as its "second core market" and has expanded its business platform in Asia through investments in Bank of Ayudhya (Krungsri), one of the leading commercial banks in Thailand, and VietinBank, one of the top state-owned commercial banks in Vietnam, as well as the opening of its first branch among foreign banks after transition to civilian rule of Myanmar in Yangon. The strategic partnership with Security Bank further reinforces our Asia strategy and enables BTMU to offer more comprehensive financial services to customers in the Philippines, an economy with robust growth potential.
The Philippines, with a population of approximately 100 million people, is ASEAN's second most populous country after Indonesia. The country has in the recent years achieved solid annual economic growth of approximately 6% on its real GDP, backed by robust private consumption and the development of Business Process Outsourcing (BPO) sector. Demand for financial services is expected to accelerate as the Philippines economy expands further, since its credit and deposit penetration rate, as a proportion of GDP, still remain one of the lowest in ASEAN.
Security Bank is an independent universal bank listed on the Philippines Stock Exchange and offers diversified financial services. A notable characteristic is that Security Bank is not part of any local conglomerate. Security Bank has rapidly expanded its business and customer base in recent years and is one of the highest profitable and fastest growing banks in the country.
BTMU has been supporting customers in the Philippines for over 60 years, since BTMU opened its representative office in Manila in 1953. The partnership with Security Bank will enable BTMU to offer a broader range of services to meet the evolving needs of a larger customer base.
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