Security Bank bags Management Association special award

MANILA, Philippines - Security Bank Corp. (SBC) received the Best in Compliance with Philippine Financial Reporting Standards among Financial Institutions award at the recently concluded 6th Management Association of the Philippines (MAP) Best Annual Report (BAR) awarding ceremony. The 2007 Annual Report “Executing the Vision as One”, also received the Anvil Award of Excellence and the Philippine Quill Award of Merit, completing the grand slam win for Security Bank.

The BAR Awards, a prestigious event mounted by MAP in cooperation with the Philippine Stock Exchange (PSE) and BusinesssWorld Publishing Corp., recognize companies that bring financial reporting and disclosure practices a notch higher in international standards. Annual reports submitted by publicly-listed companies are evaluated and weighed based on compliance and disclosure, corporate governance, user-friendliness and aesthetics.

Security Bank bested more than 50 publicly-listed companies to receive one of the six major awards under the rigid selection criteria, proving once more its consistent exemplary performance both in corporate governance and customer relations.

“Transparency is crucial in strengthening the stakeholders’ trust,” said Security Bank president Alberto Villarosa. He added, “The 2007 annual report reflects Security Bank’s sound corporate governance practices. We firmly believe that good corporate governance is vital to strategic business management and serves as the key to cultivating long-term shareholder value.”

“Winning MAP’s Best Annual Report Awards highlights Security Bank’s commitment to good corporate governance with its strict compliance with disclosure requirements for audited financial statements. It likewise highlights our financial reporting practices that are reflective of our inexhaustible drive to excel and be of service to our clients,” Villarosa said.

Security Bank is a strong universal bank with sound, safe and efficient corporate banking practices. It is recognized as one of the best performing banks, consistently reporting better-than-industry figures in return on equity (ROE) and capital adequacy ratio indices that outperform even the bigger banks in the industry.