Security Bank Savings

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

• List of banks in the Philippines
• BancNet

References

External links

• Official Website of Security Bank Savings

Banks in the Philippines Bangko Sentral ng Pilipinas Universal banks Asia United Bank Banco de Oro BPI Chinabank EastWest Bank Metrobank PNB Philtrust PSBank RCBC Security Bank UnionBank UCPB Government banks Al-Amanah Islamic Investment Bank of the Philippines DBP Landbank PostalBank Commercial banks Bank of Commerce Chinatrust Citibank HSBC Maybank PBCom Robinsons Bank Standard Chartered Bank Veterans Bank Thrift Banks BPI Direct Savings Bank China Bank Savings Citystate Equicom Philippine Business Bank Plantersbank Security Bank Savings Other banks Cooperative banks Rural banks Defunct Allied Bank (merged with PNB) Banco Filipino Equitable PCI Bank (merged with BDO Unibank)