Euromoney names Security Bank as Philippines' best

Published July 23, 2021, 5:05 PM

by James A. Loyola

Security Bank Corporation (SBC) has been named the Philippines’ Best Bank by London-based financial magazine Euromoney during its 2021 Euromoney Awards for Excellence.

“In the competitive field of Philippine banking, the best response to Covid-19 came not from the biggest banks but a rising star, Security Bank,” the magazine said.

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It noted that, “From the outset Security Bank took a stance of protection: of itself, its people, its customers and its community. It is testament to the bank’s policies that it not only stayed strong but grew.” The bank achieved all-time high revenues of P50.4 billion, up 48 percent year on year, translating into pre-provision operating profits of P30.7 billion, up 85 percent.

Security Bank President and CEO Sanjiv Vohra said “2020 was one of the toughest years for multiple sectors, including the banking industry. We thank our clients, partners and employees for their continued trust in Security Bank, which has made this recognition possible.”

“Being named the Philippines’ Best Bank energizes us towards our goal of being the most customer-centric bank in the Philippines,” he added.

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“Security Bank took advantage of its ties with MUFG to build a strategic partnership with Bank of Ayudhya in Thailand, another member of the MUFG extended family,” noted Euromoney.

It added that, “The two will work together on the consumer finance division, with digital a priority. A cash management agreement was also struck with MUFG. Elsewhere in the bank, the wealth management business grew impressively.”

“This recognition affirms our BetterBanking commitment to our customers. We’re heavily investing in what matters to them so they can adapt quickly and find paths to growth,” said Vohra.

Launched in 1992 and now on its 29th year, the Euromoney Awards for Excellence was the first of its kind in the global banking industry. Euromoney seeks the best of the best in all countries offering banking services.

 
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