GT Capital Holdings has completed the acquisition of remaining 33.3% stake in nonlife insurance company Charter Ping An, from First Metro Investment Corp, in a transaction valued at approximately PHP712m ($15.7m).
First Metro operates as an investment banking arm of Metropolitan Bank & Trust Company.
With the recent acquisition of stake which represents 1.7 million common shares of Charter Ping An, GT Capital Holdings has acquired 100% of the insurance company.
In October 2013, GT Capital purchased 66.7% of the nonlife insurer in a deal valued at nearly Php1.4bn ($30.87m).
GT Capital president Carmelo Maria Luza Bautista said, "The full consolidation of Charter Ping An creates synergies and comes at an opportune time when the country’s non-life insurance industry expects growth in key sectors such as financial services, property, and auto."
First Metro president Roberto Juanchito Dispo commented, "The sale of the First Metro-owned Charter Ping An shares to GT Capital is in line with our investment divestment and capital raising strategy to comply with Basel III requirements."
Charter Ping An, which reported a 20% increase in net income for the first nine months of 2013 to P177.8m ($3.92m), currently manages 19 branches across the country and has a sales force of more than 700 agents.
GT Capital operates a diversified conglomerate with interests in life and non-life insurance, banking, automotive assembly and importation, auto dealership, power generation, and property development.
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Image: GT Capital acquires 100% of nonlife insurer Charter Ping An. Photo courtesy of Chaiwat/FreeDigitalPhotos.net/.