SB Finance woos market via new loan products
Security Bank’s consumer lending arm SB Finance (SBF) aims to return this year to the kind of business volumes it had enjoyed before the COVID-19 pandemic wreaked havoc on the domestic and global economy in 2020.
SBF—which unveiled yesterday its new mass market campaign called “Dito, Pwede!”—aims to at least match what it had achieved in terms of client base and new loan disbursement prior to 2020, SBF president Abigail Marie Casanova said in a briefing on Tuesday.
A joint venture between Security Bank and Thailand’s Bank of Ayudhya (Krungsri), SBF is set to roll out various loan products this year, adding to its existing personal loan offering. Through the new company, it hopes to raise awareness about its loan products as more Filipinos seek help to bounce back from the pandemic.
“SB Finance’s goal is to create products and services to support the average Filipino and the small businessmen in their financial needs while creating a customer-centered journey in the new digital normal. To do this, we needed a strong partner who has an extensive experience in the field of consumer finance who can guide us in the right direction,” Casanova said.
To date, SBF has more than 30,000 clients and a loan book of P6 billion. The goal is to quadruple its portfolio in the medium term and position itself for the country’s economic rebound.
“What’s important at this point is to be ready and to be there when the moment strikes,” she said.
In February, Security Bank and Krungsri, the fifth largest financial group in Thailand, obtained board approvals to infuse P3 billion into SBF upon receipt of requisite 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 continued digital transformation.
The first half of the fresh capital is expected to come in this month while the other half is expected to be infused by June or July, subject to regulatory approvals. INQ
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