Security Bank takes control of private devt lender
By Lailany P. Gomez
SECURITY Bank Corp. has acquired a majority stake in Premiere Development Bank as part of the former’s strategy to build its loan portfolio and expand its customer base.
In a statement, Security Bank said it bought 98 percent of the outstanding capital stock of Premiere Bank and would acquire the remaining 2 percent in the future.
The transaction was priced at P1.3 billion, or 1.6 times the book value of Premiere Bank as of December 2010.
“Combining our people and resources, our two banks will continue to grow and provide the exceptional customer service we’ve always been known for in the banking community,” Alberto Villarosa, Security Bank president, said.
“The sale of Premiere Bank to Security Bank marks the culmination of a very effective partnership between The Rohatyn Group, the
Puyat-Reyes family, the Madrigal-Gonzales family, and the bank’s senior management. The four-year partnership has grown Premiere Bank by three times in terms of assets and, in the process, produced considerable added value for its shareholders. At this stage of Premiere Bank’s development, its shareholders are best served if the bank becomes part of a larger banking franchise,” Herminio Famatigan Jr., Premiere Bank president, said in separate statement.
Villarosa said the acquisition of Premiere Bank will complement Security Bank’s existing operations with a loan portfolio estimated at P3 billion held by 20,000 customers, and with 37,000 depositors holding an estimated P4.5 billion in their accounts.
Premiere Bank’s branch network runs to 21 in and around Metro Manila and 17 in the provinces of Bulacan, Rizal, Laguna, Cavite and Batangas.
The purchase of Premiere Bank would expand Security Bank’s branch network by 30 percent to 170 and would increase the latter’s “presence and competitive stance in the consumer, small and mid-sized business segments,” Villarosa said.
Premiere Bank is a private development bank incorporated in 1960 by Dr. Procopio Reyes under the name of Pasay City Development Bank.
The major selling shareholders of Premiere Bank include the Puyat-Reyes family, the Madrigal-Gonzales family and the Rohatyn Group, a New York-based private investment firm specializing in emerging markets with $3 billion in funds under management.
Early this week, Security Bank announced a joint venture agreement with Marubeni Corp of Japan for the establishment of a leasing
company that will focus on construction equipment, trucks and buses.
Security Bank shares fell to P92.70 on Thursday from P93.10 on Wednesday.
Source: http://www.manilatimes.net/business/security-bank-takes-control-of-private-devt-lender/
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Three new casinos, another world-class 36-hole golf course, several new hotels and resorts of varying class of luxury have opened in Philippines Clark Freeport over the last six months. Samsung Electronics just broke ground for a US$5 billion electronics plant, coincidentally in a location adjacent to the US$2 billion plant of US chip manufacturer Texas Instruments. Hundreds of hectares of prime land in the 4200-hectare main zone of Clark Freeport have quickly been occupied. Almost the entire central business district has gone off the map of available land in this fast-growth investment destination.
With its near-zero crime rate, low pollution levels, absence of traffic congestion and a favorable tax structure, Clark Freeport is well known among foreign investors as the destination of choice. Now that the Clark International Airport (DMIA) has flung into full operations with dozens of flights linking Clark to all major cities in Asia and some beyond, Clark Freeport, Pampanga has come of age.
This web site contains articles and information that will be helpful to visitors, residents and tourists traveling out of town from Manila on a short getaway to Subic, Angeles City, Pampanga and Clark Philippines. There are several web sites that contain information that might also be pertinent to what is happening in North Luzon.
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For assistance with lodgings, accommodations, hotels and resorts near Manila in Subic, Pampanga, Angels City and Clark Philippines log on to http://www.HotelClarkPhilippines.com
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