Security Bank to cease SB Cards

Last November 24, Security Bank filed a disclosure to the PSE that it will formally terminate its subsidiary, SB Cards Corp. This subsidiary is responsible for operating the credit card service of Security Bank.

The expiration of the corporate term of SB Cards Corporation is slated for December 31, 2024. Here’s a copy of the disclosure to the Philippine Stock Exchange:

SB Cards is a wholly owned subsidiary of Security Bank Corp. It originally acquired the franchise of Diners Club International in the Philippines in October 9, 1980. In 2003, Security Diners International Corporation was renamed to SB Cards Corporation along with offering Mastercard products.

It is possible that since Security Bank Corporation operates the Classic Mastercard, SB Cards Corp. no longer has any practical use and be closed and everything else related to credit cards be operated by the mother company (i.e. Security Bank Corporation).