Dy?s Security Bank is richer by P37B
Security Bank Corp. of Bilyonaryo Frederick Dy received P36.9 billion from The?Bank of Tokyo Mitsubishi UFJ Ltd. (BTMU) completing the strategic partnership deal signed last January.
BTMU became the second largest shareholder of Security Bank after receiving 150.71 million common shares and 200 million preferred shares for a 20 percent stake in the bank.
In a special Board Meeting today, BTMU?s nominees Takayoshi Futae and Takahiro Onishi were elected to the Board of Directors of Security Bank.
The Dy Group remains as the biggest shareholder of Security Bank with majority voting control.
?With our bigger capital and the combined strengths of Security Bank and BTMU, we look forward to serving our customers better than before,? Security Bank chairman Alberto Villarosa said.
For his part, BTMU chief executive officer for Asia & Ocenia Go Watanabe said the strategic alliance with Security Bank is very much aligned with the bank?s expansion plan in Asia.
?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 projects. By partnering with Security Bank, we can
expect to expand our business platform and identify new business areas for BTMU in the Philippines,? he said.
As a result of BTMU?s 20 percent equity investment, Security Bank?s shareholder capital increased to P90.2 billion pro-forma as of April 1from P53.2 billion as of December 31.
Its book value per share increased by 36 percent to P119.53 from P88.17 putting it among the five largest private domestic universal banks in the country by capital.
The additional capital will be used to accelerate the execution of Security Bank?s growth strategies.