PSE-listed lender Security Bank Corporation has named Sanjiv Vohra as President and Chief Executive Officer effective July 1, 2019, subject to regulatory approvals, according to a disclosure.
Vohra will replace Alfonso Salcedo Jr, who will be retiring but will remain as director and will chair the executive committee.
Chairman Alberto Villarosa said that the organizational changes reflect Security Bank’s focus on ensuring the continuity of the overall business strategy formulation and execution.
“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,” Villarosa said.
Vohra has deep experience in banking, having held a number of senior leadership position in Asia, in Citibank, ABN Amro Bank, the Royal Bank of Scotland, Deutsche Bank and MUFG, as well as experience in the domestic market during his eight years as country head of Citibank Philippines.
Vohra said he will 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.
“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 ou of the synergies available through its strategic alliances, including the partnership with MUFG,” he said.
Security Bank reported a net income of P2.38 billion in the first quarter of this year, up 15 per cent from a year-ago level and up 15 per cent from a quarter ago. Total revenues grew 20 per cent year-on-year to P7.6 billion.
Net interest income from customer loans and deposits grew by 29 per cent to P4.7 billion, driven by the continued expansion of retail loans and low-cost deposits. Retail loans expanded by 49 per cent while low-cost deposits increased 11 per cent.
Security Bank is among the six largest private domestic universal banks in the Philippines by total assets, at P767 billion, as of December 31, 2018. – BusinessNews.ph