Security Bank plans to open seven branches this year

Shaun H. Ruff

SECURITY BANK Corp. is planning to open at least seven new branches across the country this year after adding four offices to its network in 2020 amid the coronavirus pandemic.

“Despite the transition to digital banking, we still recognize the importance of branches in making our services accessible to different areas. Through our continued push to increase our branch banking presence, we are optimistic that we will be able to serve more Filipinos and show what BetterBanking means,” Security Bank Executive Vice-President and Branch Banking Group Head Leslie Y. Cham said in a press release on Monday.

The lender said the four new branches opened last year are located in Ayala Malls Circuit, A. Roces Avenue in Quezon City, Ayala Malls Manila Bay, and Katipunan Blue Ridge.

Meanwhile, six existing branches were renovated or relocated as part of its 2020 branch banking expansion plan.

To date, Security Bank has 313 bank branches and 787 automated teller machines (ATMs) nationwide.

The bank also streamlined and modernized the facilities of some of its branches, adding dedicated areas for ATMs and self-service transactions and improving the stations of bank tellers.

“Branch Lites” have also been installed in some Security Bank’s branches where clients can make Skype calls with the lender’s investment experts.

“The modernization of our branches, by equipping them with iPads and other devices, is our move to encourage customers to take advantage of Security Bank’s online and digital platforms. We want each client to experience efficiency, comfort and heightened safety while they’re banking with us,” Mr. Cham said.

The bank saw its net income drop by 63% to P1 billion in the third quarter of 2020 after increasing its loan loss reserves amid the coronavirus pandemic.

In the nine months to September, Security Bank’s net profit fell by 13% to P6.7 billion.

Shares in Security Bank went down by P1.90 or 1.38% to P136 apiece on Monday. — B.M. Laforga

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