Security Bank

Security Bank Corporation
PSE: SECB
Universal Bank
Industry Banking, Financial services
Founded June 18, 1951 (1951-06-18)
Headquarters Makati, Philippines
Number of locations
 approximately 291 branches (as of March 2017)
Area served
 Philippines
Key people
  • Alberto Villarosa (Chairman)
  • Alfonso L. Salcedo Jr. (President and CEO)
Products banking and financial products
Owner Frederick Y. Dy
Website www.securitybank.com

Security Bank Corporation is a universal bank in the Philippines. It was established on June 18, 1951 as Security Bank and Trust Company and was the first private and Filipino-controlled bank of the post-World War II period. Security Bank was publicly listed with the Philippine Stock Exchange in 1995 (PSE: SECB).

Security Bank was publicly-listed with the Philippine Stock Exchange (PSE: SECB) in 1995. Over the years, the Bank prudently managed to remain as one of the most stable in the banking industry. Its major businesses include retail, commercial and corporate banking, and financial markets. It offers a wide range of services including financing and leasing, foreign exchange and stock brokerage, investment banking and asset management through its subsidiaries.

In 2014, Security Bank embarked on a rebranding campaign called "BetterBanking" to further strengthen market appreciation of its retail banking business which complements its wholesale banking business.[1] In 2016, they continued this campaign with the "BetterBanking Stories" that featured prominent clients of the bank.[2]

In January 2016, The Bank of Tokyo-Mitsubishi UFJ, Japan's largest bank, acquired the 20% minority stake of Security Bank for a deal worth 36.9 billion pesos.[3]

History

Security Bank was established on June 18, 1951 as Security Bank and Trust Company (SBTC) in Manila. At the time, SBTC was the first privately-owned, Filipino-controlled bank of the post-World War II era. The bank's head office was first located in the Don Roman Santos Building on Plaza Goiti, moving to Escolta in 1954. At the time, Security Bank was so aggressive in opening branches that at one point during the 1950s, it had more branches in Metro Manila than any other local bank.

Beginning in the 1960s, Security Bank also started expanding outside Metro Manila, with the opening of its first provincial branch in Angeles City, Pampanga. Within the decade, the bank started a rapid expansion in the provinces. It was also in the 1960s that Security Bank led a consortium of local and foreign companies that lent US$ 62 million to the Lopez family to fund their acquisition of Meralco, the first of its kind in Philippine banking history.

In the 1970s, Security Bank issued its first credit card, introducing the Philippines to Diners Club. It also marked the start of the bank's trust offerings, many of which were deemed innovative, and still survive today as pre-need and common-trust plans, of which they are descended from Security Bank's offerings at the time. Towards the end of the 1970s, the bank was granted permission to operate a foreign currency division by the Bangko Sentral ng Pilipinas. It widened its investment services portfolio in the 1980s, even when the Philippines was thrown into a deepening political crisis. Like other major banks, Security Bank survived.

The 1990s brought in new owners led by present chairman Frederick Y. Dy. On April 26, 1994, the bank was issued a universal banking license by the BSP. With the issuance of its universal banking license, the legal name of Security Bank changed to the present-day Security Bank Corporation. The bank also moved to its new headquarters along Ayala Avenue in Makati City. SBC's stock was also formally listed on the Philippine Stock Exchange on June 8, 1995, with a 1.5 billion-peso initial public offering.[4]

In 2016, the bank partnered with Japan's largest bank The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) to bolster its capital and enhance their global capabilities. BTMU is now the second largest shareholder of Security Bank while Security Bank is now an equity affiliate of BTMU.[5] The bank celebrated its sixty-fifth anniversary on June 18, 2016.

See also

References

  1. ↑ "Better Banking | About Us | Security Bank Philippines". Security Bank Philippines. Retrieved 2017-08-03.
  2. ↑ "Better Banking Stories | Security Bank Philippines". Security Bank Philippines. Retrieved 2017-08-03.
  3. ↑ "MUFG buys into Security Bank". The Standard. January 14, 2016. Retrieved January 15, 2016.
  4. ↑ "History | Security Bank Philippines". Security Bank Philippines. Retrieved 2017-08-03.
  5. ↑ Dumlao-Abadilla, Doris. "Bank of Tokyo-Mitsubishi buys 20% of Security Bank for P37B". Retrieved 2017-08-03.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.