Security Bank to sell stake in property unit for Php1.6 B

By Leslie D. Venzon

MANILA, Nov. 25 (PNA) — Security Bank Corp. (SBC) will sell its 51.81-percent stake in real estate unit, Security Land Corp. (SLC), for Php1.6 billion, in a bid to focus on its core banking business.

In a disclosure to the Philippine Stock Exchange, SBC said the board approved on Wednesday the sale of its shareholdings in SLC.

“The decision to sell our stake in Security Land Corporation was made for us to have a better focus on the three pillars of our business: wholesale banking, financial markets and retail banking,” said SBC president and chief executive officer Alfonso L. Salcedo Jr.

Salcedo said they expect to close the transaction before the end of 2015.

SLC is a joint venture with a Singaporean listed company, a local partner and SBC.

Incorporated in July 1995, the company is engaged in the acquisition and holding for investment of real estate. (PNA)