Retail banking veteran to head Security Bank

Security Bank Corp. FILE PHOTO

MANILA, Philippines–Publicly-listed Security Bank has named retail lending veteran Alfonso “Yogi” Salcedo Jr. as its new President and CEO, signaling the company’s desire to be more competitive in the more profitable, albeit riskier, consumer business.

Current president Albert Villarosa will step up as the bank’s chairman. Frederick Dy, head of the family that owns majority of the bank, will step down as chairman and take the role of chairman emeritus.

“Salcedo’s 30 years of experience in retail banking and finance will serve well in reinforcing our consumer bank strategy as a third pillar to complement the Bank’s existing strengths in wholesale banking and financial markets,” Dy said in a statement on Tuesday.

The top management changes were announced on Tuesday and will be approved by the bank’s board on April 28, the company said.

Salcedo, who spent 10 years at Citibank Philippines’ retail banking operations, currently works as head of Bank of the Philippine Islands’ corporate clients group. Prior to his current post, Salcedo served as president of BPI Family Savings, one of the country’s leading thrift banks.

Security Bank is among the eight largest private domestic universal banks in the Philippines with total assets of P397 billion, a loan portfolio of P194 billion, and total capital of P47 billion at the end of last year.