SECURITY BANK CORP. and Thailand-based Bank of Ayudhya Public Co. Ltd. (Krungsri) are set to infuse P3 billion in fresh capital into their consumer finance subsidiary SB Finance, Inc. for its expansion.
Security Bank told the local bourse on Tuesday that the two banks have obtained internal approvals to infuse the additional capital as SB Finance gears up to expand its business and invest in digital technology.
SB Finance will issue 25,850,000 common shares that will be subscribed to on a 50:50 basis by Security Bank and Krungsri once they get approvals from regulators, it said.
Krungsri currently owns a 50% stake in SB Finance, Security Bank’s consumer finance unit, which it bought in October 2020 at P1.53 billion.
SB Finance…
