New GT Capital chairman named

MANILA, Philippines — GT Capital Holdings Inc., the investment holding firm of the Ty Group, announced the appointment of long-time executive Francisco Sebastian as chairman of the company’s board of directors, succeeding Arthur Ty.

“The change in GT Capital’s chairmanship signals the group’s initiative and commitment to further professionalize its leadership moving forward. With Mr. Sebastian at the helm, we are confident that GT Capital will continue to prosper and contribute to nation building,” said Ty.

Sebastian has been co-vice chairman of GT Capital since May 2016. With his new appointment, he now chairs the holding company’s executive committee.

Serving the GT Capital Group for the past 25 years, Sebastian started in 1997 as president of First Metro Investment Corp., Metropolitan Bank & Trust Co’s investment banking arm, a position he held for 14 years until he became its chairman in 2011.

Sebastian concurrently serves as vice chairman of Metrobank and a director of Metro Pacific Investments Corp. and Federal Land Inc.

Prior to joining the Ty Group, he worked in Hong Kong for 20 years from 1977 until he joined the Metrobank Group in 1997.

Ty, meanwhile, will remain a director of GT Capital and the chairman of Metrobank, while concurrently holding various board positions in other component companies of the group.

His younger brother Alfred will remain vice chairman of GT Capital as well as chairman of Toyota Motor Philippines (TMP) and Federal Land.

GT Capital’s portfolio as of end-December comprised directly-held interests in the GT Capital component companies: automotive assembly, importation, distribution, dealership and financing, through its 51 percent interest in Toyota Motor; banking through its 37.15 percent interest in Metrobank; property development through its wholly owned subsidiary, Federal Land; life and non-life insurance through its 25.3 percent interest in Philippine AXA Life Insurance Corp. and Charter Ping An Insurance Corp; infrastructure and utilities through its 16.30 percent stake in Metro Pacific; motorcycle financing through its 20 percent stake in Sumisho Motor Finance Corp. (SMFC), which offers end-user financing for Japanese motorcycle brands.

SMFC is a joint venture among GT Capital, PSBank, and Sumitomo Corp. of Japan. Sumisho provides a total financing package that hopes to deliver simple, convenient and hassle-free motorcycle ownership for its clients.

GT Capital reported a full-year net income of P11 billion last year, up 68 percent from P6.5 billion a year ago, driven largely by the banking, automotive and real estate businesses on the back of increased mobility and the gradual reopening of the Philippine economy in the fourth quarter.