Security Bank

Security Bank Corporation

Type	Public (PSE: SECB)
Founded	Manila, Philippines (1951)
Headquarters	Makati City, Philippines
Key people	Frederick Y. Dy, Chairman Alberto S. Villarosa, President and CEO
Industry	Finance and Insurance
Products	Financial Services
Net income	P1.110 billion PHP (▲49%) (2005) [1]
Employees	unknown
Website	www.securitybank.com

Security Bank (PSE: SECB), more formally known as Security Bank Corporation and abbreviated as SBC, is one of the largest commercial banks in the Philippines. It is one of the twenty largest banks in the Philippines in terms of assets.

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 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. The bank celebrated its fiftieth anniversary on June 18, 2001.

Subsidiaries and affiliates

Security Bank is divided into the following subsidiaries and affiliates:

• SB Capital Investment Corporation
• SB Cards Corporation
• SB Equities
• SB Forex
• Security Finance
• Security Land Corporation
• Security Philam Financial Solutions

Ownership

• PCD Nominee Corporation: 38.23% (26.89% Filipino, 11.84% foreign)
• Asiasec Equities: 16.24%
• Dy family: 12.35%
• ASI Securities: 2.99%
• SB Equities: 2.37%
• James J.K. Hung: 2.12%
• Goodword Resources Development Corporation: 1.32%
• Carnival Overseas Limited: 1.08%
• Public stock: 20.31%

Competition

Security Bank's main competitors are other major Philippine banks, like Metrobank, Banco de Oro, BPI, Land Bank of the Philippines and Philippine National Bank.

See also

• BancNet
• List of banks in the Philippines

External links

• Security Bank
• BancNet