Metrobank wants to acquire Philamlife
abs-cbnNEWS.com | 10/23/2008 4:14 PM
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Metropolitan Bank and Trust Co (Metrobank), the country's largest lender, has joined a growing list of firms offering to buy Philippine American Life and General Insurance Co (Philamlife).
The bank has formalized its interest to acquire Philamlife, one of the assets troubled US insurer American International Group was selling to pay for its debts.
"Philamlife's businesses fit the operations of the respective companies in our group," said Metrobank's vice chairman Antonio Abacan Jr.
"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," Abacan said.
Metrobank's insurance interests include Philippine AXA Life, a joint venture with French insurer AXA Group, and Philippine Charter Insurance Corp, a non-life insurance firm.
Metrobank, whose market capitalization amounts to P47.9 billion, said its thrift bank subsidiary, Philippine Savings Bank, was also eyeing to acquire Philam Savings Bank of the Philam group.
Its credit card unit, Metrobank Card Corp -- a joint venture between the bank and Australia and New Zealand Banking Corp-- would have a strategic fit with AIG-Philam's card business, the lender added.
Several companies earlier expressed their interest in Philamlife, the dominant player in the local insurance industry, with assets of P170 billion as of end-2007. Among them are the country's richest families, the Ayalas and the Sys.
Jose Cuisia, Philamlife's chief executive, earlier said close to 10 local and foreign groups expressed their interest in Philamlife after parent AIG put it on the auction block. AIG was scrambling for capital to pay off its $85 billion loan from the US government.
