By CNN Philippines Staff
The banking sector lost a key figure today.
In a statement, Metrobank announced the death of its founder, George Ty.
“It is with deep sadness that we announce the peaceful passing of our beloved Founder and Group Chairman Dr. George S.K. Ty. He was surrounded by family and loved ones at the time. He was 86 years old,” the statement read.
Ty founded Metrobank in 1962. It has since diversified into a business conglomerate that has joint ventures with Toyota Motor Corporation, AXA Insurance and Orix Metro Leasing. The Metrobank Group has 18 domestic subsidiaries, partners and affiliates, and 32 foreign branches, subsidiaries and representative offices.
Fifty-six years later, the company continues to grow, having posted a 55 percent increase in its net income in the third quarter of 2018.
Ty became the de facto Chairman Emeritus of Metrobank in 2008. He was known not only as a businessman but as a philantropist as well.
In 2017, Ty was awarded the Ramon V. Del Rosario award for Nation Building.
“His commitment to contribute to the Philippines’ economic prosperity as well as to nation-building will continue to be lived by the Group,” Metrobank said in a statement.
A memorial service for Ty will be held starting November 25 at the Heritage Park, Taguig City.
In lieu of flowers, Metrobank asks for donations to organizations like the Philippine National Red Cross, CBCP Caritas Filipinas Foundation and the Philippine Disaster Resilience Foundation to honor the spirit of their generous founder.