SBC needs senior bank officials

The Security Banking Corp. (SBC) is hiring a number of senior officials to strengthen its management team, according to SBC president Rafael Simpao Jr.

"We are on the lookout for competent senior banks officials," Simpao said, in an interview.

Sources said SBC is taking advantage of the mega mergers among big banks which displaced a number of good senior officials.

According to Simpao, there is no pressure now on SBC to merge with other banks. "What we are trying to do now is try to come up with the right quality of service to clients by hiring the best people in the industry and have a right quality of balance sheet," he said.

Simpao, however, did not dismiss the fact that SBC may consider acquiring or merging with other banks "if the opportunity presents itself."

At this point, he said they opt to grow internally through infusion of fresh capital from its stockholders through rights offering.

"We are beefing up for growth this year," he said, adding that they would raise their capital by about P2.5 billion to P3 billion. The bank's net worth at present amounts to about P7.7 billion. This additional cash infusion will bring the bank's capital to about P10 billion.

The rights offering, he said, will be done sometime in the second quarter of this year.

Proceeds from the offering will be utilized by SBC for operations and to strengthen its balance sheet.