Rehab of GSIS thrift bank set
State-run Philippine Deposit Insurance Corp. (PDIC) is shepherding the rehabilitation of the shuttered thrift bank controlled by state-run pension fund Government Service Insurance System (GSIS).
In a notice, the PDIC invited banks and nonbank corporations to join the prequalification to acquire GSIS Family Bank.
The PDIC has set prequalification criteria for interested parties, including a minimum capital adequacy of ratio (CAR) for banks of 12 percent before the acquisition as well as capacity to infuse the necessary capital to ensure that the 12-percent CAR requirement is complied with if it will fall below the cap after acquiring GSIS Family Bank.
As for non-banks, those interested to acquire GSIS Family Bank must have a capital of at least P2 billion or an amount adequate to meet the capitalization requirement to rehabilitate the thrift bank, among other requirements.
Interested parties must submit all prequalification requirements on or before July 20.
Last May, the Bangko Sentral ng Pilipinas’ policy-making Monetary Board placed GSIS Family Bank under PDIC receivership.
The Pasig City-headquartered bank had 11 branches in Cavite, seven in Metro Manila, two in Laguna and one in Bulacan.
In January, the GSIS said it was seeking court approval of a concession that would allow the state-run pension fund to sell its controlling stake in GSIS Family Bank even without prior consent from the Dragon family.
Last year, the GSIS tried three times but failed to dispose of its 99.6-percent share in GSIS Family Bank through a negotiated sale as bidders had to secure the Dragon family’s consent as holder of the mere 0.4 percent in the bank.
During the last round of bidding last October, the GSIS’s investment bids and awards committee declared a failure of negotiated sale as no party fully complied with the requirements.
All three tries by the GSIS to sell its controlling stake in the bank last year involved 25.15 million common shares, 48,758 preferred “A” shares, and 1.25 million preferred “C” shares, with a floor price of P501 million.
The three rounds of negotiated sale had also been subject to the condition that the small stake in GSIS Family Bank belonging to private stockholders represented by the heirs of former Cavite Rep. Renato P. Dragon through Patricia Angeli D. Nubla will also be sold to the same buyer through a separate negotiation and agreement.
