Thrift bank Security Bank Savings (SBS) will soon be operating as universal bank branches of Security Bank following the central bank’s approval of the acquisition process.
In a statement on Monday, the Security Bank Corp. said it will soon be operating the branches of SBS as full service branches of Security Bank.
The listed universal bank said the acquisition was made possible through the purchase of all assets and the assumption of all liabilities of SBS by SBC as approved by the Bangko Sentral ng Pilipinas and the Philippine Deposit Insurance Corp.
“This move allows us to focus our resources on one strategic direction so that our customers can be assured that they will experience the same kind of Better Banking service to cater to their diverse banking needs,” Maria Cristina Tingson, Security Bank Retail Banking Segment head, said.
“With single-minded focus, our efforts were channelled on customer-centricity and leaner operations,” she added.
The bank noted that the acquisition is line with its sustaining growth strategy as one of the country’s leading universal banks and reaffirms its commitment to deliver a BetterBanking experience for all its valued customers.
Security Bank is among the eight largest private domestic universal banks in the Philippines with total assets of P397 billion, loan portfolio of P194 billion, and total capital of P47 billion as of end-December 2014. Its net profit rose 43 percent to P7.2 billion in 2014 from P5 billion in 2013.