The Market Monitor Minding the Nation's Business
Security Bank and MUFG Bank are strengthening their decade-long strategic partnership as MUFG Manila marks a new milestone with its upgrade to a universal banking license in the Philippines.
The two banks have established businesses in the local market and will continue to operate independently.
Their partnership combines Security Bank’s local franchise, nationwide network of 400 branches and established client relationships with MUFG’s global reach and institutional banking expertise.
“MUFG’s continued commitment to the Philippines is a positive development for the market,” Security Bank President and CEO Victor Lee said.
“For the past ten years, our partnership has worked because of the strengths each of us brings. Security Bank knows this market and our clients deeply, while MUFG brings global reach and expertise. Together, we can create greater value for the clients we serve,” he added.
MUFG Manila Branch Country Head Masami Yoshitake said the Philippines remains an important market for the Japanese banking group, with Security Bank continuing to serve as a strategic partner.
“The Philippines is an important market for MUFG, and Security Bank remains an important strategic partner. As we strengthen our presence here, we look forward to building on what we have achieved together over the past decade,” Yoshitake said.
The license upgrade will not alter the strategic rationale of the partnership, with both institutions continuing to pursue their respective strategies independently.
Potential areas of collaboration will be evaluated in the normal course of business and in accordance with regulatory and governance requirements.
Security Bank and MUFG are marking the 10th anniversary of their strategic partnership this year.