Philippines’ Security Bank plans to issue negotiable CDs, redeem notes

By Marisa Wong

Morgantown, W.Va., March 27 – Security Bank Corp. said its board of directors approved the issuance of up to PHP 20 billion of long-term negotiable certificates of deposit at its meeting held on Tuesday.

The board also approved the redemption of Security Bank’s PHP 10 billion 5 3/8% subordinated notes due July 11, 2024.

The notes are callable on July 12.

The negotiable CDs and the notes redemption are still subject to regulatory approval.

The bank is based in Makati City, Philippines.

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