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March 01, 2024

China Bank beefing up consumer banking business, new head appointed

China Banking Corporation owned by the family of the late retail and banking magnate Henry Sy is strengthening its consumer lending business with the appointment of a new head.

The listed bank’s Executive Committee approved the appointment of Senior Vice President Aloysius Alday Jr. as segment head of consumer banking segment starting March 1.

Alday, who is also currently group head of cards business and customer contact center, replaces China Bank first vice president and head of consumer banking group Lilibeth Cariño who is stepping down effective February 28.

Cariño will be retained as consultant for a period of 10 months or until the end of the year to guide Alday as he transitions into the new organization structure.

The Sy-led bank is folding in other businesses including credit cards, customer contact, consumer banking, and multi-purpose loans into the consumer banking segment.

China Bank is the country’s seventh largest lender in terms of assets with P970.32 billion as of end September 2021.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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