BIZ BUZZ: Security Bank’s wholesale shake-up

A leadership change at Security Bank’s wholesale banking business is quietly fueling speculation on who could emerge as the lender’s next key executive.

The bank led by tycoon Frederick Dy said John Cary Ong had stepped down as head of its wholesale banking segment, a division that serves corporate, commercial and institutional clients and is considered one of Security Bank’s major growth engines.

While the bank did not identify a successor, it unveiled an interim leadership structure that has caught the attention of industry observers.

For now, president and CEO Victor Lee will directly oversee the segment, working alongside Hirofumi Umeno, head of the Alliance Segment; Yvonne Marcelo, head of Corporate Banking; Jorge Lindley Ong, head of Commercial Banking; and Security Bank Capital president and CEO Virgilio Chua.

Security Bank stressed that the transition would be seamless and reiterated that wholesale banking remains a strategic growth pillar.

The lender also highlighted the backing of Japanese banking giant MUFG, its 20-percent shareholder and alliance partner, as it pursues further growth opportunities.

Until then, observers will likely keep a close eye on the executives now helping steer one of Security Bank’s most important businesses.