MANILA, Philippines — First Metro Investment Corp. (FMIC), the investment banking arm of Metropolitan Bank & Trust Co. (Metrobank), has approved the sale of all its shares in First Metro Asset Management Inc. (FAMI) to a consortium.
The consortium includes the ATR Asset Management Group led by its parent company ATRAM Investment Management Partners Corp., MET Holdings Inc. as well as shareholder ATR Holdings, Inc.
The FMIC board approved the sale on Oct. 30, covering 1.050 million common shares which represent 70 percent of FAMI’s issued and outstanding capital stock.
“The ATRAM Group is a reputable and respected player in the industry for its expertise in fund management. We are confident that it can carry out what we have started in FAMI and even bring the company to greater heights,” FMIC president Anthony Ocampo said in a statement.
Metrobank and the First Metro Philippine Equity Exchange Traded Fund Inc. (FMETF) confirmed the sale through two separate disclosures to the Philippine Stock Exchange yesterday.
This was after a report from InsiderPH.com came out that ATRAM has engaged in discussions on two major deals with two big banks.
“FAMI is a valuable acquisition for us as we aim to expand our fund management operations in the country. It is a strategic business move given its mix of funds,” Manuel Tordesillas, ATR Holdings president and ATRAM Trust Corp. chairman, said.
According to the FMETF, the transaction will be formalized through a share purchase agreement between FMIC and MET. However, the completion of the transaction will depend upon the fulfillment of certain conditions.
The entry of the ATRAM Group will not affect FAMI’s current leadership team to ensure continuity and stability of its operations, it said.
Moreover, FAMI’s service quality will remain consistent, ensuring clients continue to receive the same level of dedication and expertise it has always provided.
Tordesillas said that the parties involved in the transaction assure FAMI’s clients of a smooth transition and uninterrupted continuation of business.
“Part of FAMI’s mission is to be a trusted steward who promotes investment literacy, creates innovative investment solutions and provides exceptional customer experience, thereby transforming Filipinos from savers to investors,” he said.
“ATR Holdings and ATRAM are enthusiastic to be given the opportunity to carry out FAMI’s mission further,” Tordesillas said.
Meanwhile, Union Bank of the Philippines responded to reports of its possible tie up with ATRAM, confirming that discussions are ongoing but no deal has been finalized.
“There are ongoing discussions between the parties…but nothing has been finalized. The bank will make disclosures as and when appropriate,” UnionBank said in a separate disclosure.