Mobile Alerts  Newsletter  RSS  Archives  About Us  Bookmark Us  Twitter GMANews.TV
Business

Metrobank Group wants Philamlife

Email the Editor Print | | More
THE METROBANK Group of tycoon George S.K. Ty Thursday said it has joined the queue of bidders for the Philippine American Life and General Insurance Company (Philamlife), saying the local unit of beleaguered American International Group, Inc. (AIG) will be strategic to its expansion plans.

AIG is divesting some of its assets in Asia to repay an $85-billion lifeline extended by the US government.

"Strategically, Philamlife’s businesses fit the operations of the respective companies in our Group, " Metrobank Group vice chairman Antonio S. Abacan, Jr. Thursday said in a statement.

"They are very strong and well-managed corporations, and a successful acquisition of these companies would accelerate the growth of the Metrobank Group in these areas."

The Ty-led group is not new to the insurance business, as it has a stake in Philippine AXA Life, a partnership between Metrobank and financial services giant Global AXA Group.

Philippine AXA Life is the country’s largest insurer next to Philamlife. The Metrobank Group also runs non-life insurance firm Philippine Charter Insurance Corporation.

The conglomerate said it plans to acquire Philamlife’s thrift bank subsidiary Philam Savings Bank and AIG Philam’s card business through Philippine Savings Bank (PSBank) and Metrobank Card Corporation. — Maria Eloisa I. Calderon, BusinessWorld
Email the Editor Print | | More
Other Business stories
Anchor Land profits surge on strong sales, completed projects
11/20/2009 | 09:23 PM
Anchor Land Holdings Inc., an upscale real-estate company, said earnings surged by more than half as it increased sales and completed more projects. More
Malaysian economy shrinks at slower rate
11/20/2009 | 08:39 PM
KUALA LUMPUR - Malaysia's economy shrank 1.2 percent in the third quarter, an improvement from the previous two quarters as the financial services and construction sectors gained strength,... More
Sony bets new online service to boost brand loyalty
11/20/2009 | 08:31 PM
TOKYO - Sony's new online service connecting the whole range of its gadgets to downloadable content like movies and games should help build brand loyalty, a top executive said Friday. More
AirAsia earns from rising passengers, add-on services
11/20/2009 | 08:27 PM
KUALA LUMPUR, Malaysia - Budget carrier AirAsia said Friday its net profit totaled 130 million ringgit ($38.4 million) in the third quarter, buoyed by rising passenger numbers and income from... More
EU extends antitrust review of Oracle's takeover of Sun Microsystems
11/20/2009 | 08:24 PM
BRUSSELS - European Union regulators said Friday that they have extended until January 27 a deadline to wrap up their antitrust review of Oracle Corp.'s planned $7.4 billion takeover of Sun... More
Nokia sheds jobs in Finland as it struggles to cut costs
11/20/2009 | 08:22 PM
HELSINKI - Nokia Corp., the world's largest mobile phone maker, said Friday it is axing 330 jobs at research and development units in Finland and Denmark as it continues to struggle to cut... More
Banks' bad debt ratio declines to eight-year low
11/20/2009 | 06:44 PM
Soured loans of universal and commercial banks fell to an eight-year low as the industry continued to lend steadily, the Bangko Sentral ng Pilipinas reported on Friday. More
Land Bank extends bigger loan to priority sector
11/20/2009 | 06:23 PM
State-owned lender Land Bank said loans extended to its priority sectors rose by nearly a fifth as of end-September. More
GSIS asks regulator to delist MPIC shares
11/20/2009 | 06:02 PM
State-run Government Service Insurance System asked corporate regulators to suspend the trading and delist shares of Metro Pacific Investments Corp., the local unit of Hong Kong conglomerate First... More
Andrew Tan's holding firm says earnings up on higher revenues
11/20/2009 | 03:54 PM
Andrew Tan-led Alliance Global Group Inc. on Friday said nine-month earnings rose by nearly a fifth on the back of higher revenues from its units. More
ADVERTISEMENT
Weather disturbance intensifies into LPA, nears Mindanao
2009-11-20 08:29:05
A weather disturbance that threatens to become yet another cyclone intensified into a...
Companies turn to social media for ad campaigns
2009-11-20 13:39:32
SUBIC, ZAMBALES – Social networking sites have provided brands and services a new avenue to reach...
VP bet Edu confirms breakup with GF Pinky Webb
2009-11-19 22:03:30
Vice presidential aspirant Eduardo “Edu" Manzano on Thursday confirmed his breakup with his...
Blast damages poll exec's home in Nueva Ecija - report
2009-11-19 12:05:27
A grenade explosion damaged the house of an election officer in Nueva Ecija in northern...