Security Bank announces change in leadership to take effect July

Security Bank Corp. on Tuesday announced a change in the leadership of the company, as its top official is set to retire in July.

In an emailed statement, Security Bank announced the appointment of Sanjiv Vohra as its President and Chief Executive Office effective July 1, 2019, subject to regulatory approvals.

He will take over from Alfonso Salcedo, Jr., who is set to retire as President and CEO effective June 30. Salcedo, however, will remain as a director who will chair the Executive Committee.

In the same statement, Security Bank announced the retirement of Rafael Simpao, Jr. as Director, also effective June 30, 2019. He will then become a Senior Adviser to the Board.

"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," Security Bank Chairman Alberto Villarosa said.

"The banking business is truly becoming globalized and cross-border transactions, partnerships and alliances are now becoming the new normal," he added.

Prior to his appointment as President and CEO, Vohra held senior leadership positions in Asia, in Citibank, ABN AMRO Bank, the Royal Bank of Scotland, Deutsche Bank, and MUFG Bank.

"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 out of the synergies available through its strategic alliances, including the partnership with MUFG," said Vohra. —LDF/GMA News