Exportbank sells Cebu-based thrift bank to Petron's subsidiary

MANILA, Philippines - Listed Export and Industry Bank, Inc. will exit from thrift banking as its board of directors approved the sale of EIB Savings Bank Inc. to Petron Corp.'s New Ventures Realty Corp. and Las Lucas Development Corp. However, Exportbank assistant corporate secretary Riva Khristine V. Maala said the transaction is subject to completion of appropriate documentation and approval of regulatory agencies. "It was the intention of previous management to engage in microfinance, hence the acquisition of EIB Savings in 2004. The present management, as you know, is focusing its efforts in doing business with the premium middle market and to the corporate sector where credit risk is much better and the profit potential is more lucrative," she said. Incorporated in October 1997, EIB Savings is wholly-owned by Exportbank. The private development bank is located at Cebu South Road, Bulacao in Talisay City. Established on Aug. 24, 1995, NVRC is authorized to acquire and develop land but it does not engage in the subdivision business. It is 80 percent owned by the Petron Retirement Fund and 20 percent by Petron. NVRC buys land suitable for use as service station sites, bulk plants or sales offices. It wholly owns Las Lucas. -Ruby Anne M. Rubio, GMANews.TV