Security Bank Corp., the sixth-largest lender in terms of assets, on Tuesday named a former top Citibank official as the new president and chief executive in place of Alfonso Salcedo Jr., who will retire by the end of June.
The board of Security Bank board in a meeting on May 28 named Sanjiv Vohra, an Indian national, as president and chief executive effective July 1, 2019, subject to regulatory approvals. He will be the only expatriate to head a local bank.
Salcedo will remain as a director and will chair the executive committee of the bank. Rafael Simpao Jr., a former president of the bank, will retire as director effective June 30, 2019 and will become a senior adviser to the board.
Security Bank chairman Alberto Villarosa said the organizational changes reflected the bank’s focus on ensuring the continuity of the overall business strategy formulation and execution.
“With the appointment of Sanjiv Vohra, the bank is manifesting the institution’s commitment to professionalism and to bringing in leaders who not only understand the Philippine market but the global markets as well. The banking business is truly becoming globalized and cross-border transactions, partnerships and alliances are now becoming the new normal,” Villarosa said.
Vohra has a deep banking experience and served as country head of Citibank in the Philippines for eight years.
He held a number of senior leadership positions in Citibank, ABN AMRO Bank, the Royal Bank of Scotland, Deutsche Bank and MUFG Bank.
Vohra started his career in 1986 with Citibank India and moved to ABN Amro Bank in 1999, working in India and Singapore. He rejoined Citibank in 2002 to head corporate banking for its India, Sri Lanka and Bangladesh region and in 2005, relocated to Manila to be Citibank’s country head for the Philippines and Guam. Alpha SEA publication in November 2011 listed Vohra among the Top 40 influential leaders in Southeast Asia.
Villarosa expressed confidence that Vohra “can bring Security Bank to the next level.”
Vohra said he would be joining Security Bank at a time when it has built up its retail banking business as a strong and sustainable third business pillar under the brand promise and commitment of “BetterBanking”.
“The bank has made all the right moves in these last few years. I believe that Security Bank is in a very good position to take advantage of the growing domestic market while making the most out of the synergies available through its strategic alliances, including the partnership with MUFG. I truly feel privileged in getting this opportunity to lead this franchise,” Vohra said in a statement.
Villarosa said Vohra brings with him the experience that would support the enhancement of Security Bank’s “BetterBanking” commitment.
“He also brings with him a new perspective to our customer value proposition, as well as global best practices which will give a big push to our transformation and innovation journey towards becoming a world-class bank that goes beyond borders,” Villarosa said.