ING Bank sees vast opportunities in Phl
Dutch financial giant ING Bank Manila sees vast opportunities in the portfolio structuring and restructuring as a lot of family-owned conglomerates in the Philippines are undergoing transformation.
ING Bank Manila country manager Hans Sicat said the demand for portfolio restructuring would increase for companies trying to achieve operational efficiency.
“We see greater opportunities from businesses eyeing to split up their portfolios and having a separate entity to manage them, for instance,” he added.
The former president and CEO of the Philippine Stock Exchange said the portfolio structuring and restructuring remains a largely untapped business segment.
“Philippine conglomer companies ates are growing bigger and expanding into other markets in Asia and Europe. ING has the international network across 40 countries to help them meet their ambitions,” Sicat said.
Diversified conglomerate San Miguel Corp. (SMC) is pursuing a share swap among its group of companies to consolidate its core food and beverage assets valued at P336 billion. The transaction was based on an independent valuation by ING Bank.
Aside from SMC, other conglomerates in the country include Ayala Corp., SM Investments of retail and banking magnate Henry Sy, GT Capital Holdings of taipan George SK Ty, LT Group of tobacco and airline magnate Lucio Tan, JG Summit Holdings of tycoon John Gokongwei, Yuchengco Group of of the late tycoon Alfonso Yuchengco, Filinvest Group of the late Andrew Gotianun, among others.
Sicat vowed to build on and expand the business that his predecessor, Consuelo Garcia, and the ING global team have successfully established.
“The economy is on a roll and this is the right time and the right place to contribute to building the country’s financial infrastructure,” Sicat said.