MANILA, Philippines — George S.K. Ty — the Filipino tycoon whose business spans in banking, auto, property development, power generation and insurance — died Friday at the age of 86.
Ty, whose real time net worth hit $2.8 billion as of November 11 based on data from Forbes Magazine, chaired holding company GT Capital Holdings, which was incorporated in July 2007.
He was the ninth wealthiest Filipino on Forbes’ 2018 list of 50 richest people in the Philippines.
He was an alumnus of the University of Santo Tomas, where he also received his doctorate degree in Humanities.
In 1962, Ty established Metrobank, the Philippines’ second largest bank in terms of assets, and transformed it into a diverse business conglomerate with joint ventures like that of the Toyota Motor Corporation, AXA insurance and Orix Metro Leasing to name a few. — Ian Nicolas Cigaral