EIB Savings Bank acquired by consortium of venture capitalists

MANILA, Philippines - EIB Savings Bank Inc., the thrift unit of Export and Industry Bank (EIB), has been acquired by a consortium of local venture capitalists for a yet undisclosed amount.

In a report, Exportbank said the Bangko Sentral ng Pilipinas (BSP) has approved the sale of EIB Savings to a group consisting of Project Quest Corp, with a 30.25 percent share; Fleetwood Holdings Inc. (39.5 percent); Navion Capital Resources Corp. (five percent); and Santos Gonzalez Hijos Inc. (25.25 percent).

In its disclosure to the Philippine Stock Exchange (PSE), Exportbank said the sale was “equivalent to the total capital funds of EIB Savings as of Dec. 31, 2009, subject to adjustments, plus a premium of P7 million.”

“We are glad that we are able to put EIB Savings in good hands,” Juan Victor Tanjuatco, Exportbank president said in a separate statement.

Project Quest is a venture capital company managed by Pacific Northstar. Headed by Francisco Dizon, it is known to specialize in mezzanine level or incubatorinvestments with a high growth potential.

Industry sources said the four buyers are venture capital investors either representing other buyers or in talks with prospective buyers.

Last year, Exportbank disclosed that its board has approved the sale of EIB Savings to New Ventures Realty Corp. and Las Lucas Development Corp. but this transaction did not push through.

Exportbank itself confirmed earlier that it is still in talks with investors on the sale of its assets and is awaiting regulatory approvals.

Exportbank is also partly owned by local and domestic capital venture companies Ridderbrecht BV, Extra Year Investment Ltd., Medco Asia Investments Corp., Kingmild Ltd. and Conreal Holdings Ltd.