Philippines News Archives

Thursday, August 05, 1999

AC ( 08/05/1999 : PSE )
Please be informed that the Board of Directors of Ayala Insurance Holdings Corporation (AIHC), a 100% subsidiary of Ayala Corporation ("AC"), approved on August 4, 1999 to pursue the plan of merger of AIHC's investments in the insurance business with the Bank of the Philippine Islands ("BPI"). Upon approval by the Bangko Sentral ng Pilipinas (BSP), the proposed merger will be presented to the stockholders of both companies. Ayala Insurance Holdings owns majority stakes in Ayala Life Assurance, Incorporated, FGU Insurance Corporation and Universal Reinsurance Corporation. Ayala Life carries life insurance, education, pension plans and health care. FGU, a non-life insurance company, offers property, marine and casualty insurance. Universal Reinsurance Corporation is a professional reinsurance company offering protection for both life and non-life business. The proposed merger between BPI and AIHC will result in the first full integration of a bank and an insurance group in the country and in the region, an arrangement often referred to as "bancassurance". The new structure is expected to provide an excellent platform for growing markets like the Philippines. The combined operation should improve profitability in both its insurance and banking operations while enhancing the bank's position as one of the country's leading providers of financial services. AC will continue to be the major shareholder in BPI with an equity stake of 44%.
- posted by StockMarket @ 4:03 PM

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