Metrobank to bid for AIG’s Philamlife
AIG’s Philippine unit, Philippine American Life and General Insurance Co (Philamlife), may be taken over by the country’s largest lender, Metropolitan Bank & Trust Co.
Metrobank has expressed interest in taking over Philamlife’s insurance, banking and credit card businesses.
It faces competition from the Philippine’s richest businessmen, including Henry Sy and the Ayala clan.
Banco de Oro Unibank and Bank of the Philippine Islands (BPI) are also likely to submit bids for Philamlife’s assets.
Metrobank Group vice chairman Antonio Abacan Jr said acquiring Philamlife would be a good strategic fit with the rest of the company, and would help to accelerate the growth of Metrobank.
Metrobank has a market value of almost £1 billion. Its current insurance holdings in the Philippines include life insurer Philippine AXA Life, run jointly with French insurance group AXA, and non-life insurer Philippine Charter Insurance Corp.
In 2007, Phil AXA was the fourth largest life insurer in the region, with a market share of over 20%.
If Metrobank’s bid proves successful, Philamlife’s insurance wing would be incorporated into Phil AXA.
Philamlife’s banking unit would become part of Metrobank subsidiary, the Philippine Savings Bank, whilst the credit card unit would be incorporated into Metrobank Card Corporation.
Category: Companies News, Insurance News
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