Security Bank boosts support for MSMEs
Security Bank Corp. is further strengthening its support for micro, small, and medium enterprises (MSMEs) to support the momentum of the country’s robust economy.
The listed bank’s new Business Banking Segment (BBS) has joined the SME Finance Forum managed by the World Bank’s International Finance Corp. (IFC) as the newest partner of its global membership network.
John David Yap, senior vice president and head of BBS Segment at Security Bank, said that the bank continues to prioritize MSMEs.
“The BBS established in 2022 provides a holistic value proposition for these businesses who help uplift the Philippine economy. By joining the SME Finance Forum, we hope to receive timely and relevant information on the SME lending industry and help us accelerate our business rollout in 2023,” Yap said.
The G20 Global Partnership for Financial Inclusion (GPFI) established the SME Finance Forum in 2012 to serve as a knowledge center for data, research, and best practice in promoting SME financing.
The organization’s members include SME financing experts from over 80 countries who share the common goal of expanding access to finance for small businesses worldwide through knowledge exchange and innovation.
SME Finance Forum CEO Matthew Gamser welcomed Security Bank as the first private and Filipino-controlled bank of the post-World War II period to further grow the group’s mission.
“Since 2016, we’ve been implementing our mission to build a global membership to support better SME financing, and since then, we’ve established a network with over 240 active member institutions, which operate in over 190 countries sharing the common purpose of helping under-served enterprises,” Gamser said.
The earnings of Security Bank jumped by 53 percent to a record high P10.6 billion last year from P6.9 billion in 2021 on the back of robust core businesses and lower provision for bad debts.
Security Bank president and CEO Sanjiv Vohra hopes to sustain the strong performance this year with the further recovery of the Philippines from the impact of the global health pandemic.
Vohra said the bank intends to ramp up engagements with retail and wholesale clients, as well as SMEs.
“We are encouraged by the underlying growth of the economy as it reopens and rebuilds. Our strong performance for 2022 reflects the fact that Security Bank is fully engaged to support our retail, wholesale, and SME clients. We will sustain that intensity for 2023 as we help clients navigate the current inflationary environment and geopolitical uncertainties,” Vohra said.