SB Finance (SBF), the consumer credit arm of Security Bank, aims to return this year to the type of business volumes it enjoyed before the COVID-19 pandemic wreaked havoc on the national economy and worldwide in 2020.
SBF – which yesterday unveiled its new consumer campaign titled “Dito, Pwede!” – aims at least to match what it had achieved in terms of customers and new loan disbursements before 2020, said SBF president Abigail Marie Casanova in a briefing on Tuesday.
Joint venture between Security Bank and Thai Bank of Ayudhya (Krungsri), SBF is set to roll out various loan products this year, in addition to its existing personal loan offering. Through the new company, she hopes to raise awareness of her loan products as more Filipinos seek help recovering from the pandemic.
“SB Finance’s goal is to create products and services to support the average Filipino and small business owner with their financial needs while creating a customer-centric journey into the new digital normal. To do this, we needed a strong partner with extensive experience in the field of consumer credit and able to guide us in the right direction, ”said Casanova.
To date, SBF has more than 30,000 clients and a loan portfolio of 6 billion pesos. The objective is to quadruple its portfolio in the medium term and to position itself for the country’s economic recovery.
“What’s important at this point is to be ready and be there when the time is right,” she said.
In February, Security Bank and Krungsri, Thailand’s fifth largest financial group, obtained board approval to inject 3 billion pesos into the SBF upon receipt of the required regulatory approvals. The additional capital will be used to fund investments in the latest cloud-based technology to support end-to-end customer journeys that are built on continuous digital transformation.
The first half of the new capital is expected to arrive this month, while the other half is expected to be injected by June or July, subject to regulatory approvals. INQ
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