Business tycoon and banker, Dr. George S.K. Ty, passed away Friday. He was 86.
Dr. Ty was founder of Metropolitan Bank and Trust Co. – at one time the country’s biggest bank – and at the time of his death, was group chairman of the Metrobank Group of 18 companies and 32 firms and affiliates based overseas.
“It is with deep sadness that we announce the peaceful passing of our beloved Founder and Group Chairman Dr. George S.K. Ty,” said a Metrobank statement. “He was surrounded by family and loved ones at the time.”
Ty’s sons, Arthur Ty and Alfred Ty, are both active and prominent in the family business. Arthur Ty, former Metrobank president, is the current bank chairman since taking over his father in 2012.
In a statement, Metrobank said the elder Ty “went beyond banking and transformed the bank to a diverse business conglomerate with successful joint ventures like that of the Toyota Motor Corp., AXA insurance, and Orix Metro Leasing, to name a few.”
Ty, as de facto Chairman Emeritus since 2008, is recognized not only for his exemplary achievements in business but also for his generous philanthropy through the Metrobank Foundation, according to the statement. “His commitment to contribute to the Philippines’ economic prosperity as well as to nation-building will continue to be lived by the Metrobank Group.” (Lee Chipongian)