SECURITY BANK Corp. (Security Bank) is open to possible acquisitions this year in a bid to further accelerate its expansion plans and expand its retail banking business.

“When there’s a good target, we will acquire,” the bank executive said when asked for the lender’s acquisition plans for the rest of 2016.“Probably commercial, commercial [bank] would be better,” he added.

Despite the bank’s openness to possible acquisitions, Mr. Salcedo said “when there’s an opportunity, and at the right price… we’re going to look at it.”

The bank seeks to double its market share in both loans and deposits to between 8% and 9% from the range of around 4%, with its aggressive expansion plans. The lender wants to grow its consumer banking segment to boost its profits amid an industry-wide slump in trading gains.

Security Bank saw its net income rise to P4.9 billion in the January to June period, up by 4% year on year, as its core earnings continued to grow despite depressed trading gains during the period.

For the second quarter alone, Security Bank saw a 42% increase in its bottom line compared to the year-ago level of P1.85 billion.

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