TYCOON and Metropolitan Bank & Trust Co. (Metrobank) founder George S.K. Ty passed away on Friday, Nov. 23. He was 86.
“It is with deep sadness that we announce the peaceful passing of our beloved Founder and Group Chairman Dr. George S.K.Ty. He was surrounded by family and loved ones at the time,” Metrobank said in a statement.
Mr. Ty, the country’s ninth-richest man, founded Metrobank in 1962 and spent decades expanding its reach at home and abroad. Metrobank is now the second-biggest bank in the country.
Forbes Asia magazine pegged Mr. Ty’s net worth at $2.75 billion in its latest rich list published in September.
Beyond banking, Mr. Ty also diversified his business interests by venturing into insurance, leasing, and car distribution. This has since grown into GT Capital Holdings, Inc., which is one of the biggest conglomerates listed at the Philippine Stock Exchange.
Among the group’s subsidiaries are Toyota Motors Philippines Corp., the Philippine Savings Bank, investment banking arm First Metro Investment Corp., property firm Federal Land, Inc., and the Philippine AXA Life Insurance Corp.
Mr. Ty has been serving as chairman emeritus of the Metrobank Group since 2008, with his sons Arthur and Alfred taking his place. He was also the chairman emeritus of listed GT Capital.
Earlier this month, Mr. Ty was conferred the 2018 MVP Bossing Lifetime Achievement Award by PLDT Inc., in recognition of his successful career in business.
Memorial services will start on Sunday, Nov. 25 at the Heritage Park in Taguig, Metrobank said.
In lieu of flowers, Metrobank said donations to the Philippine National Red Cross, CBCP Caritas Filipinas Foundation and Philippine Disaster Resilience Foundation “will honor his spirit of generosity and memory.” — Melissa Luz T. Lopez