Security Bank Corp.is open to acquisitions in 2016 as it looks to ramp up expansion plans, BusinessWorld reported April 11, citing CEOAlfonso Salcedo Jr.

The bank is open to acquiring a universal, thrift or rural bankbut does not want to overpay for any acquisition, Salcedo said.

As for its organic growth plans, the lender is looking to open20 to 30 branches this year to broaden its client base as it moves to grow its retailbusiness, the CEO said. Additional capital from a partnership deal with Bankof Tokyo-Mitsubishi UFJ Ltd. will help the Philippine lender scale itsnetwork to more than 500 branches by 2020.