Business

George Ty’s GT Capital forays into microfinance

Conglomerate GT Capital Holdings Inc. is acquiring a 20 percent stake in Sumisho Motor Finance Corp. for P379.92 million, marking its entry into the microfinance segment.

Conglomerate GT Capital Holdings Inc. is acquiring a 20 percent stake in Sumisho Motor Finance Corp. for P379.92 million, marking its entry into the microfinance segment.

Sumisho, a joint venture between Ty’s Philippine Savings Bank and Japanese conglomerate Sumitomo Corp., offers lending or leasing to customers buying motorcycles in the Philippines.

Under the deal, GT Capital will acquire four million shares of Sumisho foe P94.98 each share.

The purchase “will allow GT Capital?s entry into micro-financing, specifically motorcycle financing, a high growth sector in the Philippines,” the Ty-owned holding firm said

?In addition, it will give the group an opportunity to tap the low to middle income sector of the Philippine market,? GT Capital said.

GT Capital said the investment would also strengthen the group’s strategic relationship with Sumitomo.

It has interests in market-leading businesses across banking, property development, infrastructure and utilities, automotive assembly, importation, wholesaling, dealership, and financing, and life and non-life insurance.

GT Capital is the primary vehicle for the diversified business interests of the Ty family in the Philippines.

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