Philippine banks on the prowl for a hefty stake sale in GSIS Family Bank

Offer price is at Php501m.

Several banks are reportedly interested in the negotiated sale of the Government Service Insurance System’s 99.6% stake in GSIS Family Bank for a minimum offer price of PHP501m.

According to a research note from Maybank ATR Kim Eng, the state pension fund intends to sell its banking unit as it is not part of its management expertise.
Submission of offers is until today, 22 June. Among those who expressed firm interest are Robinsons Bank, Philippine Business Bank, and Union Bank of the Philippines.

Here's more from Maybank ATR Kim Eng:

Incentives include opening an additional 20 branches and relocating 12 of its existing 22 branches anywhere in the country.

If the winning offer is from a commercial bank, it will be allowed to keep GSIS Family Bank’s thrift license. If it is a thrift bank, it will be allowed to either merge or convert into a commercial lender.

If the winner is not a bank, it may convert GSIS Family Bank into a commercial bank. Last month’s auction of the bank had failed since no bid documents were submitted.

Latest data as of 2013 show GSIS Family Bank had assets of PHP1.7b, loans of PHP283m, deposits of PHP919m and capital of PHP232m. It incurred a net loss of PHP135m.

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