Security Bank Names New President
During the regular Board meeting of Security Bank Corporation (PSE: SECB) on Tuesday, May 28, 2019, Sanjiv Vohra was named as President and Chief Executive Officer effective July 1, 2019, subject to regulatory approvals. Mr. Alfonso L. Salcedo, Jr., retiring President and Chief Executive Officer, will remain as Director and will chair the Executive Committee. Mr. Rafael F. Simpao, Jr. will be retiring as Director effective June 30, 2019 and will become a Senior Adviser to the Board.
In his message, Chairman Alberto S. Villarosa explained that the organizational changes reflect Security Bank’s focus on ensuring the continuity of the overall business strategy formulation and execution. He said, “With the appointment of Sanjiv Vohra, the Bank is manifesting the institution’s commitment to professionalism and to bringing in leaders who not only understand the Philippine market but the global markets as well. The banking business is truly becoming globalized and cross-border transactions, partnerships and alliances are now becoming the new normal. Sanjiv has deep experience in banking, having held a number of senior leadership positions in Asia, in Citibank, ABN AMRO Bank, the Royal Bank of Scotland, Deutsche Bank and MUFG Bank, as well as experience in the domestic market during his eight years as Country Head of Citibank Philippines. I am confident that he can bring Security Bank to the next level.”
President-elect Sanjiv Vohra noted that he would be joining Security Bank at a time when it has built up its Retail Banking business as a strong and sustainable third business pillar under the brand promise and commitment of BetterBanking. He said, “The Bank has made all the right moves in these last few years. I believe that Security Bank is in a very good position to take advantage of the growing domestic market while making the most out of the synergies available through its strategic alliances, including the partnership with MUFG. I truly feel privileged in getting this opportunity to lead this franchise.”
Chairman Villarosa added, “Sanjiv brings with him the experience that will support the enhancement of our BetterBanking commitment. He also brings with him a new perspective to our customer value proposition, as well as global best practices which will give a big push to our transformation and innovation journey towards becoming a world-class bank that goes beyond borders.”
Retiring Director Rafael Simpao, Jr. contributed much to the growth of Security Bank, having served as Director from 1995 to 2019 and as President & CEO from 1995 to 2004. Meanwhile, Mr. Alfonso Salcedo, Jr. will have served as President & CEO from 2015 to 2019, overseeing the growth of Security Bank’s Retail Banking business.
Security Bank reported a net income of PhP 2.38 billion in the first quarter of 2019, up 1.5% versus year-ago level and up 15% from quarter-ago. Total revenues grew 20% year-on-year to PhP 7.6 billion. Net interest income from customer loans and deposits grew by 29% to PhP 4.7 billion, driven by the continued expansion of retail loans and low-cost deposits. Retail loans expanded by 49% while lowcost deposits increased 11%. Retail loans now account for 23% of total loans versus 17% a year ago.