Metrobank founder passes away

FILE: Metrobank founder George Ty (Photo: Metrobank/Facebook)

Business icon George S.K. Ty, founder of one of the largest banks in the Philippines, died at the age of 86, the company announced on Friday, November 23.

“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,” it added.

The company did not disclose the cause of Ty’s death, but according to a report by Inquirer.net, the business icon was diagnosed with pancreatic cancer six months ago.

It was in 1962 when Ty founded Metrobank, which is now the Philippines’ second-biggest bank. He expanded Metrobank internationally and transformed it to a diverse business conglomerate, with the group currently having 18 domestic subsidiaries, partners and affiliates in various industries and 32 foreign branches, subsidiaries and representative offices.

According to Forbes Magazine, Ty has a net worth of $2.8 billion, making him the ninth wealthiest Filipino on its 2018 list of 50 richest people in the country.

Ty, who was the group’s de facto chairman emeritus as early as 2008, was not only known for being a businessman but also a philanthropist.

The Metrobank founder received the 2017 Ramon V. Del Rosario (RVR) award for Nation Building given by the Junior Chamber International (JCI) Manila and the Asian Institute of Management’s (AIM) Center for Corporate Responsibility.

“His commitment to contribute to the Philippines’ economic prosperity as well as to nation-building will continue to be lived by the Group,” Metrobank vowed.

Memorial services for Ty will be held on November 25 at the Heritage Park in Taguig City.

Metrobank said donations to the Philippine National Red Cross, Catholic Conference of the Philippines (CBCP) Caritas Filipinas Foundation and Philippine Disaster Resilience Foundation will honor Ty’s “spirit of generosity and memory.”