ATR KimEng sells stake in San Francisco bank

MANILA, Philippines - ATR KimEng Financial Corp. reported that it has sold part of its stake in MNB Holdings Corp., parent company of San Francisco-based Mission National Bank, for $5.675 million in cash.

In a disclosure, the company said it sold 186,072 of its shares in MNB Holdings Corp. The sale leaves a balance of 40,200 shares that are still owned and held by ATRKE Financial. 

The shares were sold in compliance with regulations of and to parties approved by the Board of Governors of the Federal Reserve System. ATRKE Financial had earlier reported that the US Federal Reserve Board had approved their own acquisition of the shares of MNB Holdings.

“Funds from the sale will be used to reduce bank borrowings and expand the businesses of our operating subsidiaries and affiliates,” said ATRKE Financial executive vice president Renato Leveriza, Jr.

ATRKE Financial has subsidiaries in three business segments, namely capital markets, insurance, and real estate. ATR KimEng Capital Partners, Inc. is active in financial advisory and corporate finance. It was recently awarded “Best Equity House in the Philippines” for 2009 by The Asset, a regional publication, in its Triple A Awards. ATR KimEng Securities, Inc. is the top broker in the Philippine Stock Exchange with a market share of 19.04 percent in 2009.

In insurance, AsianLife and General Assurance Corp., offers group and individual life and non-life insurance as well as group medical and accident insurance policies. Meanwhile, AsianLife Financial Assurance Corporation, offers individual life insurance coverage packaged with loans.

Real estate subsidiary, ATR KimEng Land, Inc., partnered by way of a joint venture with Landco Pacific Corporation, in the development of TRIbeca Private Residences, a residential condominium enclave set in a 9.7-hectare property along the South Expressway in Muntinlupa. – Ted Torres