Metrobank Group wants Philamlife

10/24/2008 | 03:31 AM

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

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