GT Capital gets BSP approval for additional stake in Metrobank

THE Bangko Sentral ng Pilipinas (BSP) has approved GT Capital Holdings, Inc.’s acquisition of an additional 9.62% stake in its banking arm Metropolitan Bank & Trust Company (Metrobank).

The holding company of tycoon George S.K. Ty told the stock exchange on Monday that the Monetary Board on April 20 approved the transfer of the 306 million secondary shares, representing 9.62% of Metrobank, to GT Capital. The deal raises GT Capital’s stake in Metrobank to 36%.

GT Capital had acquired the shares from various Ty family-owned companies — Horizon Royale Holdings (2.78%), Grand Estate Property Corp. (2%), Inter-Par Philippines Resource Corp. (1.28%), Ausan Resources Corp. (1.45%), Global Treasure Holdings, Inc. (1.48%) and Philippine Securities Corp. (0.63%).

The company earlier valued the transaction at around P24.67 billion.

GT Capital President Carmelo Maria Luza Bautista has previously said the increased ownership in Metrobank would enable the firm to be “at par” with other conglomerates, and it would benefit from a more “balanced income distribution” from its investments.

The purchase price is based on the 30day volume weighted average prices from the execution of the agreement on April 18, when GT Capital shares stood at P1,179.82, while Metrobank shares stood at P80.76.

Metrobank is the second-largest universal and commercial bank as of 2016 in terms of assets, according to the BSP. Shares in GT Capital increased 1.74% or P21 to P1,229 apiece on Monday, while Metrobank shares added 1.20% or P1 to P84.50. —