Security Bank and MUFG Bank are strengthening a decade-long partnership as the Japanese financial institution expands its presence in the Philippines through an upgrade to a universal banking license.

MUFG Manila’s license upgrade marks a new milestone for the bank’s Philippine operations, while both institutions continue to run their established businesses independently.

The partnership, which reaches its 10th anniversary this year, combines Security Bank’s local market reach with MUFG’s international network and institutional banking capabilities.

Security Bank operates a nationwide network of about 400 branches and maintains relationships with clients across the country. MUFG, meanwhile, brings global banking expertise and access to international markets.

“MUFG’s continued commitment to the Philippines is a positive development for the market,” said Security Bank President and CEO Victor Lee. “For the past ten years, our partnership has worked because of the strengths each of us brings. Security Bank knows this market and our clients deeply, while MUFG brings global reach and expertise. Together, we can create greater value for the clients we serve.”

MUFG Manila Branch Country Head Masami Yoshitake said the Philippines remains an important market for the Japanese banking group, with Security Bank continuing to play a key role in its local strategy.

“The Philippines is an important market for MUFG, and Security Bank remains an important strategic partner. As we strengthen our presence here, we look forward to building on what we have achieved together over the past decade,” Yoshitake said.

The license upgrade does not alter the existing structure of the partnership. Security Bank and MUFG will continue to pursue their respective business strategies independently.

Any future areas of collaboration will be considered separately and subject to applicable regulatory and governance requirements.

The partnership began in 2016 and enters its second decade as both banks maintain their respective positions in the Philippine financial market.