Security Bank to expand branches to 400

Security Bank Corp. (SCB) said it will increase its total branches to 400 with estimated investments of over a billion pesos in the next two years to expand its customer base and improve its market share.

Security Bank Chief Financial Officer Eduardo M. Olbes said during a briefing on Friday, April 12, that additional 72 branches would be established in strategic growth areas nationwide and would cost some ₱1.080 billion, at ₱15 million each branch.

The objective is to bring to 400 Security Bank’s presence throughout the country by the end of next year, at the earliest or sometime in 2025, at the latest.

This is also in line with the bank’s omni-channel approach in enhancing the services its physical branches provide to customers as well as and serve the financial requirements of micro small and medium enterprises.

According to Security Bank Chief Financial Officer Eduardo M. Olbes, the financial requirement for the expansion program will be sourced internally. Another alternative is to tap the capital market through the issuance of either peso or dollar denominated bonds.

Definitely, Olbas there is no need for “equity infusion.”

The branch expansion strategy is one of the four foundations of the bank’s vision to further increase and strengthen its market share in the industry, Security Bank President and Chief Executive Officer Sanjiv Vohra said.

Security Bank opened its two latest branches in Iligan City, and Cagayan de Oro, bringing its nationwide network to 328.

At the moment, the bank management is considering relocating some of its branches in the National Capital Region.

Aside from increasing its presence nationwide, Security Bank plans launched innovative products and services for its corporate, wholesale, retail and MSMES clients.

And for the medium term, Security Bank is aspiring to be in the top three with high return on equity, the employer of choice and the customercentric institution.