Security Bank Corp. announced that president and CEO Victor Lee will temporarily oversee its wholesale banking business after John Cary Ong resigned as head of the segment, according to a report by Philstar Biz.
The leadership change comes as the bank navigates a competitive wholesale banking landscape in the Philippines, where lenders are vying for corporate and institutional clients. Security Bank has been expanding its wholesale offerings, including trade finance and cash management services, to diversify revenue streams beyond traditional retail banking.
Ong's resignation effective immediately, and the bank has not announced a permanent replacement. Lee, who has led Security Bank since 2020, will take direct oversight of the wholesale banking unit until a successor is named. The bank assured clients and stakeholders that operations would continue without disruption.