Security Bank gets BSP nod to buy all assets of acquired thrift bank

Security Bank (banksinthephilippines.com)

MANILA — The Bangko Sentral ng Pilipinas (BSP) has allowed Security Bank Corp. (SBC) to buy all the assets of Security Bank Savings Corp. (SBS) in line with the thrift bank’s integration.

In a disclosure to the Philippine Stock Exchange, SBC said the BSP also gave the green light for its assumption of all liabilities of SBS.

The Board of Directors of SBC late last year approved the integration of the thrift bank to SBC.

The merger also involved retention of the savings bank license of SBS on an inactive/dormant status until such time that a business model would be approved for the savings bank, or until the banking regulators would require that the license be activated.