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Sunday, October 5, 2014

Security Bank eyes partnerships with foreign companies

Security Bank Corp is open to forging ties with foreign firms, but has no plan of selling equity to them.

"We're open to strategic alliances. It does not necessarily have to follow that a strategic alliance will result in economic interest in the bank," Security Bank president Alberto Villarosa told reporters on Thursday night.

Security Bank has "no plan" to sell equity to a strategic investor as it is well capitalized, Villarosa said.

The local bank has tied up with Marubeni Corp of Japan for its leasing business, while the research reports of SB Equities are co-branded with CIMB of Malaysia, he said.

Several regional banks are looking at the Philippines, with bulk of its population unbanked, for expansion in light of the Asean integration.

Security Bank is also looking to beef up its retail business so it can be a strong contributor in the next three to four years, Villarosa said.

The lender is looking at new areas or sites where it is under represented, particularly in areas like Cebu and Davao, to expand its branch network. It is opening 3-4 more branches before yearend.

"We’re really looking at a model where a corporate bank, the commercial bank and the retail bank will be equal contributors to the business and we’re getting there," Villarosa said.

Security Bank more than doubled its earnings to P3.61 billion in the first half of the year from the P1.7 billion reported in the same period in 2013 following a 46 percent year-on-year growth in net interest income.

In the first semester, the bank expanded its loan book by 30 percent to P173 billion while deposits increased by 22 percent to P218 billion. The investment securities portfolio jumped 106 percent to P111 billion.

Security Bank had a network of 253 branches and 444 ATMs at end-June.

- Interaksyon

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