Philippines' Security Bank expands

Security Bank has expanded its branch network and has put up Security Bank Savings.

This is just the initial stage of an investment phase, according to ecurity Bank chief financial officer Joselito Mape.

The bank has opened 10 out of the planned 50 new restricted-area branches during the first half of the year.

In anticipation of an increase in credit demand, the bank successfully concluded a P5-billion offering of seven-year, long-term negotiable certificates of deposit to its retail and institutional clients in February 2012.

A second tranche of LTNCD which was recently launched with a targeted deal size of at least P3 billion was oversubscribed prompting the Bank to upsize the issue to P5 billion and to shorten the offer period one week in advance.

The second tranche was priced at 5.5 percent and will have a maturity of 7 years.

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