BSP Governor Rafael Buenaventura told reporters yesterday that Bankwise was required to report the acquisition to the BSP and detail the rehabilitation plan that its new owners intend to implement.
Buenaventura said the BSP was not likely object to Ang’s acquisition of Bankwise, provided his group would infuse fresh capital into the bank and pass the BSP’s "fit and proper" test.
Buenaventura said the BSP was only informed that there had been a change in Bankwise’s officers, but added it did not receive any official notification of the bank’s change in ownership.
Under BSP rules, banks must inform the central bank of any changes in ownership of over 20 percent in their shares of stock. The BSP must also approve of such transactions before they can be finalized.
"I know that Bankwise wants to be rehabilitated," Buenaventura said, "so we want to know about this report and what they plan to do now."
Buenaventura added that the BSP is preparing a letter to Bankwise directing the thrift bank to make its report on the matter and provide the BSP with the information required by BSP rules and regulations.
At present, Buenaventura said the BSP is reviewing Ang’s election as chairman of the Bankwise board and subjecting him to the fit and proper test.
Meanwhile, Sen. Ramon Magsaysay Jr., who chairs the Senate committee on banks, said Ang should decide whether he wants to remain a media consultant or be a businessman.
"I think he should already decide whether he wants to be one or the other," Magsaysay said. "He cannot be both because there can be a confluence of future events that would put him in an untenable position. There could be a conflict of interest."
Magsaysay said Ang’s acquisition of Bankwise was "a very surprising turn of events" and wants to know how Ang was able to acquire the thrift bank.
"There is no prohibition for anybody to buy a bank," Magsaysay said, "but whether he’s the real principal and whether he can afford it, that’s another issue."
The senator from Zambales noted that Ang has been actively acquiring businesses – a newspaper and Tecnogas, a home appliance factory that manufactures gas ovens and stoves.
This issue, Magsaysay said, can be resolved by looking into Ang’s assets and liabilities.
"If he’s fronting for a group, then we might as well find out why he allows himself to be the front person," Magsaysay said. "But if he is the principal and the funder in the acquisition of the majority stock of the Bankwise, then we have to assume that he can afford it, so we have to look at his assets and liabilities."
Ang, a veteran public relations agent, acquired Bankwise together with businessman Bobby Guevarra through Guevarra’s investment firm, Seed Capital Inc.
As the new owner of Bankwise, Ang said his plan was to rehabilitate the bank, beginning with an infusion of P250 million in fresh capital and the appointment of a new bank president.
The bank, he said, has already appointed a transitional president, Larry Madera, and management is now scouting for a new president to head the bank.
Ang said he was approached by Guevarra, who sought help in raising P250 million to acquire 60 percent of Bankwise. He said he participated in the fund-raising effort and contributed 20 percent of the needed amount. The last payment of P50 million for the Bankwise shares was made in June this year.