Security Bank taps MUFG for cash management

Published April 15, 2021, 5:00 AM

by James A. Loyola

Security Bank Corporation has sealed a deal with its global partner MUFG Bank, Ltd. (MUFG) that will allow MUFG’s corporate clients to gain access to the bank’s cash management system, DigiBanker.

In a statement, Security Bank said “The agreement aims to provide MUFG’s clients with products and services that are suited to the domestic front while complementing its current product offerings.”

“After months of extensive and fruitful discussions, we are honored to be entering into a Cash Management Partnership Agreement with MUFG,” said Security Bank President and CEO SanjivVohra.

He added that, “With this, 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 and MUFG Bank hold a virtual signing ceremony to formalize its agreement to expand access to Cash Management Services (Top left,Yuichi Yamagishi, Country Head of MUFG Manila, Top Center, Sanjiv Vohra, President and CEO of Security Bank, Top right: Bernard Deveza, Head of Transaction Banking, MUFG Manila, Bottom left, Charles Rodriguez, EVP and Head of Wholesale Banking, Security Bank,Bottom Center, Akio Adachi, Deputy Country Head, MUFG Manila and Bottom right, John Cary Ong, EVP and head of Transaction Banking Group, Security Bank.

Security Bank said this partnership will allow MUFG’s clients to extend their collection network in different parts of the country with the extensive solutions of Security Bank through its DigiBanker platform.

MUFG’s customers can also capitalize on using SBC’s robust system for their disbursement requirements whether online or via check payments.

“This latest collaboration between our two banks is not only reaffirmation of the importance of the Philippines to MUFG’s network in Asia Pacific, but our ongoing commitment to partnering with a leading institution like Security Bank for success,” said MUFG Country Head for the Philippines Yuichi Yamagishi.

He noted that, “We have no doubt this agreement will significantly enhance our service delivery and facilitate greater business flow across the region. We would like to thank Security Bank for this fantastic opportunity to further serve our clients with excellence and distinction.”

In 2016, the two banks completed its strategic partnership deal with MUFG buying a 20 percent stake into Security Bank.

Since then, both banks have leveraged on their combined networks and capabilities to collaborate on various initatives, such as the recent acquisition of Security Bank’s consumer lending arm, SB Finance by MUFG’s partner bank in Thailand, Bank of Ayudhya (Krungsri).

This year also marks the  fifth anniversary of their  strategic partnership.(James A. Loyola)