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Bank of Ayudhya to acquire 50% stake in Security Bank unit

Thailand's Bank of Ayudhya PCL will acquire a 50% stake in Philippine-based Security Bank Corp.'s subsidiary, SB Finance Co. Inc., within 2019.

Through the acquisition, the Thai bank is looking to enhance the added value of its services, while SB Finance aims to further expand its business in the consumer finance market, according to an Aug. 9 release from Japan's MUFG Bank Ltd.

Bank of Ayudhya is a unit of MUFG Bank, while Security Bank is an equity-method affiliate of the Japanese lender. The planned acquisition marks the first joint venture between partner banks of MUFG Bank.

The acquisition is subject to regulatory approvals.

MUFG Bank is a unit of Mitsubishi UFJ Financial Group Inc.