Japan’s Bank of Tokyo-Mitsubishi UFJ (BTMU) has infused a capital of PHP36.9bn ($801.1m) in Philippines’ Security Bank as part of a partnership deal signed in January 2016.
BTMU has now become the second largest shareholder of Security Bank after Dy Group – which remains as the biggest shareholder with majority voting control.
Go deeper with GlobalData
As per the agreed terms of the deal, Security Bank gave 150,707,778 common shares and 200,000,000 preferred shares to BTMU.
The deal makes Security Bank an equity affiliate of BTMU, offering the Japanese bank 20% ownership of the voting stock in Security Bank.
In addition, BTMU’s nominees Takayoshi Futae and Takahiro Onishi have been elected to Security Bank’s board of directors.
BTMU Asia and Oceania CEO Go Watanabe said: "We are very excited with the opportunity to work closely with Security Bank. We have started exploring various areas for collaboration including work-site business and PPP (public-private partnership) projects. By partnering with Security Bank, we can expect to expand our business platform and identify new business areas for BTMU in the Philippines."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
