SECURITY BANK Corp. and Mitsubishi UFJ Financial Group, Inc. (MUFG) have expanded their partnership to give their clients access to cash management services.
The deal signed virtually on March 18 will give MUFG clients access to Security Bank’s cash management system called DigiBanker, the lenders said in a joint statement sent to reporters on Wednesday.
“We have no doubt this agreement will significantly enhance our service delivery and facilitate greater business flow across the region,” MUFG Country Head for the Philippines Yuichi Yamagishi was quoted as saying in the statement.
Through the deal, MUFG clients can expand their collection network in different parts of the Philippines through the DigiBanker platform.
The Japanese bank’s clients will also be able to tap Security Bank’s system for their disbursement requirements, either through online or check payments.
“MUFG’s corporate clients will gain access to the full range of Security Bank’s cash management portfolio. Our partnership is an incredible opportunity for us to take the best of Security Bank and MUFG and raise the bar for financial service excellence in the region,” Security Bank President and Chief Executive Officer Sanjiv Vohra was quoted as saying.
Security Bank’s partnership with MUFG dates back to 2016 when the Japanese bank bought a 20% stake in the local lender.
The listed lender’s net profit declined 26.7% to P7.4 billion in 2020 from P10.1 billion in 2019 as it hiked its credit loss provisions amid the ongoing pandemic.
Security Bank’s shares closed unchanged at P123 apiece on Wednesday. — LWTN