GT Capital buys Metrobank, PSBank holdings in Toyota Financial Services 

GT Capital Holdings Inc., the listed mother company of taipan George Ty, is buying the shareholdings of Metropolitan Bank & Trust Company (Metrobank) and Philippine Savings Bank (PSBank) in car leasing business Toyota Financial Services Philippines Corp. 

 

The transaction was priced at P2.1 billion.

 

GT Capital said it signed a sale and purchase agreement with Metrobank and PSBank for their 15 percent and 25 percent, respectively, in Toyota Financial Services, the holding firm said in a disclosure to the Philippine Stock Exchange Monday.

 

Once the transaction is completed, GT Capital will have a direct ownership of 40 percent in the leasing company.

 

The 60 percent is held by Japan's Toyota Motor Corp., vice president and head of investor relations Joey Crisol told GMA News Online.

 

Buying into Toyota Financial Services is part of plans to round out GT Capital's automotive business, Crisol said. "This enhances the synergy of the Toyota business under GT Capital."

 

Toyota Financial Services is the exclusive leasing and financing company of Toyota vehicles.

 

"We are already in the assembly business, then dealership and now we're in the financing business for Toyota," Crisol said. "Our presence in the auto-industry ins now fully-integrated," he added.

 

GT Capital is in the car-making business with its investments in Toyota Motor Philippines Corp. 

Last March, it raised its stake in dealership Toyota Manila Bay Corp. to 60 percent then bought a 79.84 percent stake in Toyota Cubao Inc. that same month.

 

For Metrobank and PSBank, the transaction is in line with their capital planning initiatives under the new Basel III regime.

 

Bangko Sentral ng Pilipinas implemented on January 1, 2014 the Basel III standards, or the new global benchmarks on capital and equity in the banking industry. – VS, GMA News