Malayan Bank confident of meeting capital requirement

Malayan Banking Corp., a thrift bank managed by the Martirez family and GMA Network Inc., expects to meet the minimum required capital of P400 million for thrift banks operating in Metro Manila earlier than the prescribed deadline.

"We will not have difficulty meeting the P400 million minimum required capitalization for end-2000 since our shareholders are willing to infuse fresh fund for the bank," Malayan Bank president George Martirez, in an interview with The STAR, said.

As early as November 1999, Martirez said they have already complied with the P325-million minimum required capital for end-December 1999 through infusion of shareholders and from retained earnings.

Martirez said they are also pursuing talks to acquire a small thrift bank whose branches are in the South.

"We need to expand our presence in the south since our operations are basically concentrated here in Metro Manila," he said.

He said they have come up with a shortlist of banks to acquire but they expect to decide on which one to buy before the end of this quarter.