EIB Savings renamed Sun Savings Bank

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has approved the change in corporate name of EIB Savings Bank Inc. to Sun Savings Bank Inc. with the complete takeover of the new owners.

The BSP through Circular Letter 2011-087 approved the change in corporate name to Sun Savings Bank.

Last June, Export and Industry Bank Inc. (Exportbank) finalized the sale of its stake in EIB Savings Bank to Project Quest Corp., Fleetwood Holdings Inc., Navion Capital Resources Corp., and Santos Gonzales Hijos Inc.

Fleetwood Holdings is the majority stakeholder of EIB Savings with a 39.50 percent stake followed by Project Quest Corp. with 30.25 percent, then by Santos Gonzales Hijos with 25.25 percent, and Navion Capital Resources with five percent.

The Philippine Deposit Insurance Corp. (PDIC) approved the sale of Exportbank’s stake in EIB Savings to its corporate buyers last April.

Exportbank put EIB Savings Bank on the auction block in 2009 as it wanted to focus on the premium middle market and corporate sectors.

EIB Savings is a domestic thrift bank incorporated in the Philippines in August 2004, with its head office at Cebu South Road, Barangay Bulacao, Talisay, Cebu. It used to be wholly-owned by Exportbank.

EIB’s Savings’s niche is the provision of mortgage and micro-finance loans, with the overall objective of providing accessible capital, personal investment or medium to long-term credit facilities in developing markets; and to extend banking products and services at competitive costs for entrepreneurs.

Exportbank is also being acquired by Banco de Oro Unibank Inc. of shopping mall and retail magnate Henry Sy.