Billionaire George Ty, one of the country’s richest and the founder of Metropolitan Bank & Trust Co., passed away on Friday at the age of 86 years old.
The cause of death was not announced but a statement from the bank late Friday afternoon said “he was surrounded by family and loved ones at the time.”
“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 bank said.
Ty established Metrobank in 1962. The bank grew to become the country’s largest at one time and is considered the second biggest today. Ty went beyond banking and transformed the bank into a diverse business conglomerate with successful joint ventures like those of tToyota Motor Corp., Axa Insurance and Orix Metro Leasing.
The Metrobank Group counts as its members 18 domestic subsidiaries, partners and affiliates in various industries and 32 foreign branches, subsidiaries and representative offices.
Ty has been the de facto chairman emeritus as early as 2008, as his sons Arthur and Alfred headed the many companies in the group in his stead.
Ty was recognized not only for his exemplary achievements in business but also for his generous philanthropy through the Metrobank Foundation. The group said it would continue Ty’s commitment to contribute to the Philippines’ economic prosperity.
Metrobank said the memorial services would start on Nov. 25 at the Heritage Park in Taguig City.
“In lieu of flowers, donations to the Philippine National Red Cross, CBCP Caritas Filipinas Foundation and Philippine Disaster Resilience Foundation will honor his spirit of generosity and memory,” the bank said.