Security Bank gets BSP nod on savings bank integration

Security Bank Corp. is folding in the assets of its thrift bank under its operations by the end of March after receiving the green light from the Bangko Sentral ng Pilipinas (BSP).

 

In a disclosure to the Philippine Stock Exchange Wednesday, the bank said it received the BSP approval "for the purchase of all assets and the assumption of all liabilities of Security Bank Savings Corp."

 

The acquisition consolidates the savings bank operations with the parent company, executive vice president and retail bank head Maki Tingson told GMA News Online via text message. 

 

"This means that by the end of March, all savings bank branches will be operating as Security Bank," she noted.

 

"This allows us to focus on one strategic direction, which in turn allows us to maximize our efforts and resources with more intensity and, therefore, should result to excellent execution," she added.

 

In October 2014, the Security Bank board approved plans to integrate the savings bank with the parent company.

 

"Spreading ourselves too thinly may give us mediocre results, and we don't want to be mediocre. We want to achieve excellent results," Tingson said. – VS, GMA News