Amid leadership revamp
MANILA, Philippines — The retail banking head of Security Bank Corp. is stepping down in December as the lender undertakes a broad leadership reorganization involving more than a dozen senior officers.
In a regulatory filing, Security Bank said Rahul Rasal, executive vice president and retail banking segment head, tendered his voluntary resignation for personal reasons effective Dec. 31.
Rasal will transition out of his current role starting Oct. 1, with Security Bank president and CEO Victor Lee assuming interim oversight of the retail-banking segment to ensure continuity in leadership and business operations.
“We thank Rahul for his contributions during his time with Security Bank and wish him success in the next chapter of his career,” Lee said in a statement.
Security Bank senior vice president Jonathan Diokno, who heads the bank’s deposits business group, is also resigning for personal reasons effective Nov. 1.
The departures come alongside a wider reorganization approved by Security Bank’s board on Sept. 29, covering 14 senior executives and changes in responsibilities, reporting lines and newly established leadership roles.
The bank said the restructuring is intended to align management responsibilities with its strategic priorities and provide clearer accountability across customer, product and distribution functions.
Four designation changes will take effect on Oct. 1. Another 10 changes will take effect on Jan. 1, 2027.
Among them, executive vice president Price Edward Yap will become financial markets product head, while senior vice president Rene Alan Aguirre will shift to investments product head from wealth segment head.
Treasury head Orencio Andre Ibarra III will be designated trading head and treasurer.
Security Bank is also creating more distinct customer and coverage leadership roles. Hirofumi Umeno will become chief customer officer for wholesale, while chief marketing officer Ma. Patricia Tan will become chief customer officer for retail.
Leslie Cham will move to branch coverage head from branch banking group head, while Yvonne Joanna Marcelo will become wholesale coverage head from corporate banking head.
“Over the past several weeks, we’ve been clear about where we will focus, how we intend to grow, and what success will require,” Lee said.
“The strategy has been set. Our priority now is execution. These leadership alignments strengthen accountability across the Bank and ensure we’re positioned to deliver on the commitments we’ve made to our stakeholders,” he added.