Krungsri’s arm in the Philippines SB Finance
Krungsri (Bank of Ayudhya PCL and its business units) will bolster SB Finance’s growth in the Philippines, leveraging strength in consumer financing, as the loan targets were achieved with auto loans showing higher-than-expected performance.
Mr. Wanchairabin Jitwattanatam, Krungsri Head of Regional Business Division, said “SB Finance has demonstrated strong performance in this year, with credit growth reaching almost 10% and an increase of new loans by 25% from the same period last year. One of the growth drivers is auto loan which now achieving over 3 times from last year and exceeding target by 22%. This is attributable to favorable economic growth and constant increase in demand as well as the sharing of Krungsri’s expertise in product development to better suit customer needs. Meanwhile, loan quality remains our focus for sustainable growth.”
Krungsri supports SB Finance with its extensive knowledge and experience in the consumer loan segment. A team of experts is assigned for both remote and on-site consultation and field trips have been arranged to share its knowledge and experience in the areas of products, digital marketing, risk management and loan quality control. Krungsri’s auto loan experts are assigned to work in the Philippines on a long-term and short-term basis. In addition, Krungsri’s IT and finance personnel are encouraged to seek class and on-the-job training necessary for job assignments to the Philippines, to drive the launch of new financial solutions.
“Aside from the strong performance, SB Finance also won 2 international awards. “Best Digital Consumer Lender Award” from The Asian Banker Magazine reflected the impressive development of personnel, products, and distribution channels as well as the application of Cloud Native technology, which enabled SB Finance to launch a diverse range of products and services that fit customer demands and facilitate transactions with digital channels. The other was “Silver Award for Excellence in Out of Home Advertising” at Marketing Excellence Awards 2023 for the effective marketing campaign on Zuki mobile application that increased the number of downloads. The awards mirrored our determination to deliver customers the products and services that truly suit their needs,” Mr. Wanchairabin concluded.
More information on Krungsri’s network in ASEAN is available at: https://www.krungsri.com/th/asean