He is the Philippines richest man, gaining $5 billion in 2010, amid the global financial crisis. The huge gain was due to his holding company, SM Investments Corporation, which has interests in Banco de Oro, inter alia. Forbes magazines 2008 list of 40 wealthiest Filipinos, revealed the Sy familys net worth was $6.2 billion. Earlier, he was the second wealthiest individual in the Philippines, next to Bill Gates, and (as of 2010) 201st in the world. Sy is considered a tai-pan. The Sy group is the operator of Banco de Oro and owner of Chinabank. In 2006, he bought the remaining 66% of Equitable PCI Bank, the Philippines third largest lender, in which he already had a 34% stake, and merged it with Banco de Oro in 2007. The merger created the Philippines second largest financial institution with resources of close to $17 billion. Rumors say that the Sy family has a personal stake of $4 billion in these three banks, although there is no sufficient evidence to strongly substantiate that. In August of 2005, Sys stake in the San Miguel Corporation, Southeast Asias largest food and beverage conglomerate, reached 11%.[6] He sold that stake in October of 2007[7] for $680 million.[8] Henry Sy, Sr., was named Management Man of the Year by the Makati Business Club in 1999 and was conferred an Honorary Doctorate in Business Management by De La Salle University in January of that year. He organized the SM Foundation Inc., which helps underprivileged and promising young Filipinos. Several of his children hold senior management positions in his companies, although he has groomed daughter Teresita Sy-Coson and his grandchildren Hailey Sy-Coson, Darcie Sy, Patrick Carlo Sy, Cheska Sy, Sarita Sy, Samantha Ong-Sy and Josiah Sy as his successors. Sys holding company, SM Investments Corporation, has consistently been cited as one of the Philippines best-managed companies. On May 20, 2006, the SM Mall of Asia, built in the reclamation area of Pasay City, was opened to the public. It is the third-largest mall in the world as of 2012.
Posted on: Mon, 17 Mar 2014 17:03:36 +0000
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