Security Bank Savings
| Subsidiary | |
| Industry | Finance and Insurance |
| Founded | Pasay City, Philippines (1960) |
| Headquarters | Makati City, Philippines |
Key people |
Procopio C. Reyes, Founder Alberto S. Villarosa, CEO Gina S. Go, President |
| Products | Financial Services |
Number of employees | 400 |
| Parent | Security Bank Corporation |
| Slogan | Steadfast partner of the Filipino entrepreneur |
| Website | www.securitybanksavings.com/ |
Security Bank Savings is a savings bank based in the Philippines. It used to be called the Premiere Development Bank, also known as Premiere Bank, a private development bank in the Philippines that was established in 1960 by Dr. Procopio C. Reyes. It is one of the largest private development banks in the Philippines. The bank has two slogans: the older, Tagalog-language Kabalikat sa sipag at tiyaga, and the newer, English-language Steadfast partner of the Filipino entrepreneur. Both slogans are in use, although the latter is used more than the former. The bank has 38 branches. It is a subsidiary of the Security Bank Corporation which acquired it in 2012.
History
Premiere Development Bank started off as a small, five-man operation founded by Dr. Procopio C. Reyes as the Pasay City Development Bank. Its first office was a small, rented building on Taft Avenue in Pasay City. Founded on an initial investment of one million Philippine pesos, the bank grew rapidly throughout the 1960s and 1970s, and established its first branch in 1967.
In 1979, the bank's management adopted the bank's present name. The name change was attributed to the continuing aspirations of Premiere Bank to grow and to continue its commitment to service and excellence.
While banks throughout the 1980s, mostly in 1984, were suffering illiquidity problems and were being shut down by the Bangko Sentral ng Pilipinas (BSP), Premiere Bank was able to stay open. It was one of the thrift banks that was able to maintain a high level of liquidity and not receive any financial help from the BSP.
In 1987, the presidency of the bank moved from father to daughter, as Belen R. Castro was appointed. She remains the bank's president.
In 1990, the BSP granted Premiere Bank a licence to operate a foreign currency unit. The granting of its licence enabled it to partner with multinational institutions, namely Citibank, Chase Manhattan Bank and American Express, to handle its foreign currency operations. A year later, it launched its first credit card under the Visa brand name in partnership with Equitable CardNetwork and became a member of MegaLink. In 1992, it launched its trust banking operations. Premiere Development Bank has no subsidiaries of affiliates.
On 3 June 2011, Security Bank reported that it bought Premiere Development Bank for PHP 1.3 billion.[1] The acquisition will expand the bank's branch network up to 30 percent.[2]
Competition
The main competitors of Security Bank Savings include other savings and thrift banks including Planters Development Bank, EastWest Rural Bank, China Bank Savings and the Philippine Savings Bank.
See also
References
- ↑ Security Bank acquires Premiere Security Bank acquires Premiere, retrieved 3 June 2011
- ↑ Security Bank: Premiere acquisition shows it's not for sale Security Bank: Premiere acquisition shows it's not for sale, retrieved 3 June 2011
External links
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