SECURITY BANK Corp. has named its new president and chief executive officer effective next semester after its current head announced his retirement.

In a statement on Tuesday, Security Bank said its board of directors named Sanjiv Vohra as the new president and CEO of the bank effective July 1, subject to regulatory approvals.

Mr. Vohra was designated as the new bank chief as Security Bank’s current head Alfonso L. Salcedo, Jr. will be retiring from his post.

“With the appointment of Sanjiv Vohra, the bank is manifesting the institution’s commitment to professionalism and to bringing in leaders who not only understand the Philippine market but the global markets as well,” Security Bank Chairman Alberto S. Villarosa was quoted as saying in the statement.

“The banking business is truly becoming globalized and cross-border transactions, partnerships and alliances are now becoming the new normal.”

Prior to his new post, Mr. Vohra served as the managing director, head of global corporate banking (Asia and Oceania) and co-head of investment banking (Asia and Oceania) of MUFG Bank, Ltd., Security Bank’s strategic partner.

Before his MUFG stint, he also held senior leadership positions at Citibank Philippines and was its country head for eight years.

“The bank has made all the right moves in these last few years,” Mr. Vohra said. “I believe that Security Bank is in a very good position to take advantage of the growing domestic market while making the most out of the synergies available through its strategic alliances, including the partnership with MUFG.”

Incumbent president and CEO Mr. Salcedo will step down from his post after taking the helm of Security Bank from 2015 to 2019. He will remain as director of the bank and will chair its executive committee.

Sought for comment on the appointment of Mr. Vohra, Mr. Salcedo said in a text message: “Excellent choice.”

Meanwhile, Security Bank Director Rafael F. Simpao will also be retiring from his post effective June 30 and will become a senior adviser to the board. Mr. Simpao served as the company’s president and CEO from 1995 to 2004, and as its director since 1995.

Security Bank posted a net income of P2.38 billion in the first quarter of the year, up 1.5% versus year-ago level.

The bank’s shares closed at P171.10 apiece on Tuesday, dropping P2.70 or 1.55% from the previous day’s finish. — Karl Angelo N. Vidal