<article><a href="http://securitybank.com" target="_blank">Security Bank Corp</a> is selling its controlling stake in real estate firm Security Land Corp (SLC) for $34 million (P1.6 billion) as it seeks to focus on its core business.</article>

<a href="http://securitybank.com" target="_blank">Security Bank Corp</a> is selling its controlling stake in real estate firm Security Land Corp (SLC) for $34 million (P1.6 billion) as it seeks to focus on its core business.
The bank said, it will dispose off its 51.81 per cent stake in SLC, composed of over 10.1 million shares priced at P158.32572 apiece.
The shares are being sold to Keyland Corp, Adelantado Corp, and Blue Sphere Properties Inc.
SLC is a joint venture of Security Bank and a local partner, and also Singapore-listed firm <a style="color: #000080" href="http://www.chuanhup.com.sg/index.html" target="_blank">Chuan Hup Holdings Ltd</a>. It was incorporated in 1995 to engage in the acquisition and holding for investment of real estate.
Security Bank president and chief executive officer Alfonso Salcedo said, they expect to close the transaction before the year ends.
&#8220;The decision to sell our stake in Security Land Corporation was made for us to have a better focus on the three pillars of our business — wholesale banking, financial markets, and retail banking,&#8221; Salcedo said.
Security Bank currently has 260 branches and 543 ATMs in the Philippines.
The bank earned P6.1 billion in net income in the first nine months of 2015, translating to a 16 per cent return on shareholders’ equity. It posted sustained growth in core business, with loan portfolio increasing by 20 per cent year-on-year to P217 billion and deposits growing by 19 per cent to P275 billion.
Security Bank&#8217;s last trading price increased 1.22 per cent or P1.60 to close at P133.
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<a style="color: #ff0000" href="http://www.dealstreetasia.com/stories/ph-dealbook-security-bank-adb-2496/">PH Dealbook: Security Bank, ADB</a>

Security Bank Corp is set to deal in its controlling stake in real estate firm Security Land Corp (SLC) for $34 million (P1.6 billion) as it seeks to focus on its core business.

Philippines: Security Bank divests controlling stake in realty firm Security Land for $34m

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Philippines: Security Bank divests controlling stake in realty firm Security Land for $34m

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