Security Bank Corporation, a leading universal bank in the Philippines, today announced significant leadership transitions and the formal establishment of its new Wealth Segment, reinforcing its commitment to strategic growth and enhanced client services.
Eduardo M. Olbes, Executive Vice President and Chief Financial Officer, will retire early from the Bank, effective September 15, 2025, after more than 15 years of distinguished service. Starting August 11, Mr. Olbes will transition to a Senior Advisor role to the President & CEO, ensuring a smooth handover to his successor.
During his five-year tenure as CFO, Mr. Olbes was instrumental in transforming the Finance organization and building a robust, forward-looking team. His leadership extended beyond finance, driving enterprise-wide initiatives that deepened Security Bank’s commitment to sustainable finance and embedded ESG principles into the Bank’s operations and decision-making. He also held critical leadership positions across the Bank’s subsidiaries, including SB Rental Corporation, SBM Leasing, SB Equities, and Security Bank Capital Investment Corporation, contributing significantly to their strategic direction and governance. Prior to becoming CFO, he served as Head of the Wholesale Banking Segment until January 2020.
Effective August 11, Allen Alexander P. Reyes will assume the role of Chief Financial Officer. Mr. Reyes brings 27 years of extensive experience from prominent organizations such as Singlife Philippines, Diageo, Sony Global Services, and Deutsche Bank, and previously served at Security Bank. He possesses deep expertise in corporate and business finance, process transformation, governance, business analysis, and project management. Mr. Reyes holds a BS in Accountancy from the University of Santo Tomas and completed the Leading Sustainable Corporations Program at Oxford University.
In a separate strategic development, Security Bank announced the formal establishment of its Wealth Segment, effective August 1, 2025. Jefferson T. Ko has been appointed Senior Vice President and Head of the new segment. Mr. Ko brings 28 years of experience in financial markets and wealth management, having held leadership roles at esteemed institutions including China Bank, NORD/LB, Maybank, DZ Bank, and ING across Singapore and the Philippines. He joined Security Bank in 2022 and currently leads Investment Solutions.
“We extend our deepest gratitude to Edu for his exceptional leadership and years of dedicated service,” said Sanjiv Vohra, President & CEO of Security Bank. “His strategic insight and financial stewardship have been pivotal in shaping the solid foundation upon which we continue to build. We are also thrilled to welcome Allen back to Security Bank; his strong financial expertise and leadership experience will be invaluable as we embark on the next phase of our transformation. Furthermore, we congratulate Jeff on his new role and eagerly anticipate the continued growth and success of our Wealth business under his leadership.”
