Philippines-based Security Bank is planning to increase its retail banking operations with special focus on consumer lending businesses such as home, car and personal loans.
Security Bank president, Albert Villarosa, said retail banking, which will complement Security Bank’s financial markets and wholesale businesses, is seen to contribute 35% of net income in the next five years.
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"The effects in retail banking will not happen overnight. We expect significant changes by 2015 to 2016, peaking by 35 percent in five years," Villarosa added.
In order to increase retail business, Security Bank mainly aims to target consumers with household income of about PHP50,000 ($1,121) a month and PHP600,000 ($13,452) a year.
Security Bank retail banking executive vice president, Cristina Tingson, said that segment comprises about 10% of the total population and these are the people who are starting to build their lives and are building homes and buying cars.
In addition to the expansion of retail portfolio, Security Bank plans to open 24 new branches in 2014, adding to its existing 244 branches.
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