Eduardo Olbes, Security Bank’s executive vice president and chief financial officer (CFO), will take early retirement effective Sept. 15, 2025, after more than 15 years with the bank.
He will transition to a senior advisor role to the [resident and CEO starting Aug. 11, supporting the handover to the new CFO, the bank said in a statement.
Olbes served as CFO for the past five years, where he was credited with transforming the finance organization and building a “future-ready” team.
His leadership also extended to bank-wide initiatives focused on sustainable finance and embedding environmental, social, and governance (ESG) principles. He held key leadership roles in Security Bank subsidiaries, including SB Rental Corporation, SBM Leasing, SB Equities and Security Bank Capital Investment Corp.. Before his CFO appointment, he headed the Wholesale Banking Segment until January 2020.
Security Bank said Allen Alexander Reyes would assume the role of CFO effective Aug. 11. Reyes brings 27 years of experience from companies such as Singlife Philippines, Diageo, Sony Global Services and Deutsche Bank, and has previously worked at Security Bank.
His expertise spans corporate and business finance, process transformation, governance, business analysis and project management. Reyes holds a BS in Accountancy from the University of Santo Tomas and completed the Leading Sustainable Corporations Program at Oxford University.
In a separate development, Security Bank announced the establishment of its Wealth Segment, effective Aug. 1, 2025. Jefferson Ko was appointed senior vice president and head of the new segment. Ko has 28 years of experience in financial markets and wealth management, with previous leadership roles at China Bank, NORD/LB, Maybank, DZ Bank, and ING in Singapore and the Philippines. He joined Security Bank in 2022 and currently leads Investment Solutions.
“We thank Edu for his exceptional leadership and years of dedicated service. His strategic insight and financial stewardship have helped shape the solid foundation we stand on today,” said Sanjiv Vohra, president and chief executive of Security Bank.
“We’re pleased to welcome Allen back to Security Bank—his strong financial expertise and leadership experience will help drive the next phase of our transformation. We also congratulate Jeff on his new role and look forward to the continued growth of our wealth business under his leadership,” said Vohra.
Security had total assets of P1.1 trillion as of March 31, 2025. Established in 1951, the bank operates 357 branches and 1,150 ATMs, cash recycler machines (CRMs) and cash 360 machines.
