By Lee Chipongian
Business tycoon and banker, Dr. George S.K. Ty, passed away Friday at the age of 86. At the time of his death, Dr. Ty, the founder of Metropolitan Bank & Trust Co. (Metrobank) was group chairman of the Metrobank Group composed of 18 companies and 32 firms with affiliates based overseas.
“It is with deep sadness that we announce the peaceful passing of our beloved Founder and Group Chairman Dr. George S.K. Ty,” said a Metrobank statement late Friday. “He was surrounded by family and loved ones at the time.”
Ty’s sons, Arthur and Alfred are both active and prominent in the family business. Arthur Ty, former Metrobank president, is the current bank chairman since taking over his father in 2012.
Dr. Ty graduated from the University of Santo Tomas and received his Doctorate in Humanities, Honoris Causa from the same university. He is chair of the Metrobank Foundation, Inc. (MBFI) and of Toyota Motor Philippines Corp. (TMP).
In a statement, Metrobank said the elder Ty “went beyond banking and transformed the bank to a diverse business conglomerate with successful joint ventures like that of the Toyota Motor Corporation, AXA insurance, Orix Metro Leasing to name a few.”
Ty, as de facto Chairman Emeritus since 2008, is recognized not only for his exemplary achievements in business but also for his generous philanthropy through the Metrobank Foundation.
“His commitment to contribute to the Philippines’ economic prosperity as well as to nation-building will continue to be lived by the Metrobank Group,” the statement said.
Memorial services will start on November 25, 2018 at the Heritage Park, Taguig City.
Metrobank requests that in lieu of flowers, donations be given to the Philippine National Red Cross, CBCP Caritas Filipinas Foundation and Philippine DisasterResilience Foundation to “honor (Ty’s) spirit of generosity and memory.”
Ty once said: “It has been my life’s greatest honor to work alongside you towards achieving success for generation after generation.
Thank you very much from the bottom of my heart.”
Ty came from the generation of Filipino-Chinese business magnates that help developed a modern Philippines.
George Siao Kian Ty once related that he put up a bank because he was trying to borrow a loan but was denied.
Today, his Metropolitan Bank and Trust Co. (Metrobank) is the second largest in the Philippines, with total assets of P1.971 trillion as of June 30, 2017, deposits of P1.46 trillion, loans of P1.167 trillion, and equity of P205 billion. It began doing business in Manila’s Chinatown, Binondo in 1962. It has 702 branches and nearly 13,000 employees. Metrobank has a market cap of P302.43 billion, of which 37 percent is controlled by his family Metrobank is the lynchpin of a fast growing conglomerate. It operates like the investment banks of Europe. Its mother company is GT Capital Holdings, Inc. (GT Capital), owned 59.30 percent by the Ty family. It was established in 2007. GT capital’s market cap is P231.69 billion.
George Ty’s wealth is estimated at P137.39 billion ($2.7 billion).
Ty was chair of GT Capital. He was chairman of Metrobank from 1975 to 2006. His son, Arthur Ty, 52 succeeded him as chair of Metrobank, after being president from 2006 to 2012. Arthur finished economics at the University of California in Los Angeles and MBA from Columbia University, New York.