STATE pension fund Government Service Insurance System (GSIS) is selling all its shareholding in the GSIS Family Bank (GFB) for a minimum offer price of P501 million.
The winning investor will gain various incentives under BSP Monetary Board Resolution 224 that was issued on February 13, 2015.
These incentives include up to 20 additional branches and relocating 12 of its existing 22 branches anywhere in the country, including restricted areas, and accepting government deposits from GSIS—subject to the approval of the Finance secretary.If the winning third party investor (TPI) is a commercial bank, then it will be allowed to retain the GFB thrift banking license.
If it is a thrift bank, the winning TPI will be allowed to either merge with GFB or upgrade or convert into a commercial bank that can operate and engage in expanded foreign currency deposit units, trust and quasibanking functions.
If it is not a bank, the winning investors may convert the GFB into a commercial bank subject to regulatory approvals.
Interested investors may submit their financial offer to the Investment Bids and Awards committee (IBAC) on or before 1:30 p.m. on 22 June 2015.
For more details on the sale of GFB shares, bidders may visit the GSIS website, ww.gsis.gov.ph (Opportunities Investment BAC), or send an email to email@example.com, or call the IBAC Secretariat, c/o Mr. Danilo E. Vinoya at 4793538.