MANILA, Philippines (UPDATE) - Security Bank Corp. on Tuesday announced some changes at the top.
In a statement, Security Bank said its president and CEO Alberto Villarosa has been tapped to become the bank's next chairman during the next organizational board meeting on April 28.
Current chairman Frederick Y. Dy will be nominated as chairman emeritus.
Consumer banking veteran Alfonso L. Salcedo, Jr. will be nominated to assume the posts of president and chief executive, replacing Villarosa.
"I have been Chairman for 25 years and will eventually assume the role of Chairman Emeritus. I wish to assure our customers, our investors, shareholders and our other stakeholders, of the Dy family’s absolute commitment and unwavering support as dominant shareholders of the Bank," Dy said.
Dy said Villarosa's appointment as chairman will ensure continuity of the bank's overall business strategy.
"The appointment of Yogi Salcedo as President and CEO, with his 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. With Villarosa and Salcedo at the helm, we are confident that the Bank will move towards being amongst ASEAN’s best managed institutions in terms of good governance and sustainability to enhance shareholder value," Dy said.
Salcedo moves to Security Bank from Bank of the Philippine Islands (BPI), where he has worked for 15 years. As head of BPI's Corporate Clients Group, he oversaw the bank’s domestic and international relationships in the corporate and
financial institutions space.
"Mr. Salcedo leaves a lasting legacy in the corporate banking business of BPI, a bank that is built on the individual talent and collective strength of its people," BPI President and CEO Cezar P. Consing.
Salcedo joined BPI in 2000 to take charge of the bank’s insurance businesses. Between 2004 and 2010, he served as President of BPI Family Savings Bank. Prior to joining BPI, he served for 10 years in the retail banking operations of Citibank Philippines.
BPI said Daniel Gabriel M. Montecillo will replace Salcedo as the head of its Corporate Clients Group. Montecillo is the president of BPI Capital Corporation, the bank’s investment banking subsidiary.