Philippines' Security Bank sells 50% stake in consumer finance business to Thailand's Krungsri

The two lenders will jointly explore collaboration in personal and motorcycle loans.

Philippine lender Security Bank Corp. (SBC) has forged a consumer finance partnership with Thailand's Krungsri, reports Inquirer.net. 

SBC agreed to sell a 50% stake in its consumer finance unit, SB Finance (SBF) Co., to the Thai lender which is a member of Mitsubishi UFJ Financial Group (MUFG) network. Both SCB and Krungsri have the Japanese megabank as a common shareholder.

The partnership aims to explore opportunities in personal loans, motorcycle loans and insurance.