Four banks controlled by Chinese-Filipino tycoons Henry Sy, John Gokongwei and Andrew Gotianun have submitted a binding offer to acquire American International Group’s Philippine consumer banking arm Philam Savings Bank and auto financing company Primus Finance and Leasing Inc., banking sources of the Philippine Daily Inquirer said.

Banco de Oro Unibank and China Banking Corp., both controlled by the Sy family, separately made a definitive offer as the deadline expired on Monday.

The Gokongwei group’s Robinsons Savings Bank and the Gotianiuns’ East West Bank also submitted binding proposals, the sources said.

“We’re just one of the bidders,” Banco de Oro chairperson Teresita Sy-Coson told the Inquirer. “Now all we have to do is to wait.”

She said Banco de Oro’s interest in Philam Savings was part of its consumer business expansion.

Asked why Banco de Oro and China Bank were running after the same bank, she said: “We work differently.”

Banco de Oro has grown to become the country’s second-biggest bank in assets through acquisitions since 2000.

Two banks that were earlier shortlisted to bid—Asia United Bank and Chinatrust (Philippines) Commercial Bank—have dropped out of the race, banking sources said.

AIG’s consumer units have a combined book value of P1.6 billion—P1.3 billion for Philam Savings and P300 million for Primus Finance. AIG has bundled the sale of these two units, which are expected to fetch a premium over book value.

Philam Savings has a 24.5-percent stake in Primus Finance, formerly the local auto financing company of American car giant Ford, but the buyer must also pay for the remaining stake held by other affiliates.

Philam Savings Bank is 45 percent owned by AIG Consumer Finance Group (CFG) and 45 percent by the country’s biggest and most profitable insurer, Philippine American Life and General Insurance Co., which is itself also being put on sale.

Philam Savings has nine branches and P13.66 billion in total assets, based on its statement of financial condition as of end-June. Its most attractive asset is its growing credit card platform, which has 232,000 cardholders. It also has a high return on equity of 16.94 percent and a capital adequacy ratio of 13.48 percent.

The bank’s net loans and receivables amounted to P10.42 billion while deposits stood at P11.8 billion. It is capitalized at P1.29 billion.