Philippine banking tycoon George Ty dies at 86

Business leader George S.K. Ty, the founder of Metrobank group, passed away on Friday.

“It is with deep sadness that we announce the peaceful passing of our beloved Founder and Group Chairman Dr. George S.K. Ty,” Metrobank said in a statement.

“He was surrounded by family and loved ones at the time. He was 86 years old,” the bank said.

Memorial services will start on November 25, 2018 at the Heritage Park in Taguig City.

In lieu of flowers, donations to the Philippine National Red Cross, CBCP Caritas Filipinas Foundation, and Philippine Disaster Resilience Foundation will honor his spirit of generosity and memory, the bank said.

Ty established Metrobank in 1962 and grew the bank to expand its reach internationally.

He ventured beyond banking and transformed the Metrobank to a conglomerate with successful joint ventures like Toyota Motor Philippines Corporation, AXA Insurance, and Orix Metro Leasing to name a few.

The Metrobank Group counts as its members 18 domestic subsidiaries, partners and affiliates in various industries and 32 foreign branches, subsidiaries and representative offices.

Ty has been de facto chairman emeritus since 2008 as his sons Arthur and Alfred headed the many companies in the group in his stead.

“Ty was 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 Group,” Metrobank said. —Ted Cordero/VDS, GMA News