Security Bank acquires Premiere Bank

Security Bank, one of the country's largest lenders in terms of assets, has acquired Premiere Development Bank. In a statement posted at the Philippine Stock Exchange website on Friday, Security Bank said it acquired 98 percent of Premiere Development Bank for P1.3 billion and also intends to acquire the remaining two percent. Security Bank said the acquisition is part of its plan to expand its branch network, build its loan portfolio and expand its customer base. "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," said Alberto Villarosa, Security Bank president and chief executive officer. Premiere Bank has 21 branches in and around Metro Manila and 17 branches in Bulacan, Rizal, Laguna, Cavite and Batangas. "The purchase of Premiere Bank would immediately expand our distribution reach by 30 percent to 170 branches and effectively increase our 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 C. 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. -- CMA/OMG, GMA News