Metrobank to sell 20% stake in JHICP

The Metropolitan Bank and Trust Co. (Metrobank) Group is selling its 20-percent stake in John Hancock Insurance Corp. of the Philippines (JHICP) to its mother firm, US-based John Hancock Life Insurance Co.

"They (John Hancock of US) are the most likely buyer," Metrobank executive vice president Alfredo Javellana II told The STAR.

According to Javellana, the group is required to dispose of their stake in JHICP since they already have an insurance arm, Philippine Axa Life.

The Metrobank Group acquired JHICP shares when it acquired a majority control of Solid Banking Corp., which formerly owned a 20-percent stake in the said insurance firm.

Javellana said they are open to other buyers. But, so far, he said there are no interested parties that expressed interest to buy the shares except for John Hancock of US.

"There was also a shareholders’ agreement requiring Solid Bank (now Metrobank) to offer John Hancock the first opportunity to buy its shares," Javellana said.

Javellana said the disposal of their shares in John Hancock is part of the integration process of all the operations of Solid Bank with that of Metrobank.

Except for John Hancock, the Metrobank Group is holding on to its shares in Toyota Corp. and International Bank of California. The group owns a 40-percent stake in each firm.

Also part of the integration process, Javellana said they expect to finalize the listing of First Metro Investment Corp., the investment arm of the Group. First Metro would use the license of Solid Bank in the Philippine Stock Exchange through a backdoor listing. – Donnabelle Gatdula