A group led by presidential publicist Dante Ang has reportedly acquired a 60 percent stake in Bankwise, the thrift bank formerly known as Bank Dharmala.
Banking sources said Ang acquired Bankwise and was elected chairman of the bank’s board of directors.
A veteran public relations agent, Ang acquired the national daily newspaper The Manila Times last year from Manila Rep. Mark Jimenez and the Filipino-language daily Kabayan.
He recently acquired the Tecnogas franchise in the Philippines and is said to be negotiating to buy into a radio network.
Ang is responsible for most of the President’s public relations spiels and the advertisements that promote the programs of the Arroyo administration.
The Bangko Sentral ng Pilipinas (BSP) confirmed that Bankwise reported its change of officials, with Ang named as its new chairman, but did not officially disclose that it had been acquired by a new owner.
Banking rules and regulations require banks to inform the BSP of any acquisition exceeding 20 percent of total shares. The BSP must also approve the sale before it is finalized, subjecting the purchasing parties to a "fit and proper" test to ensure that the new owners were qualified to own and manage a bank.
For his part, Ang said he was approached by businessman Bobby Guevarra, who sought help in raising P250 million to acquire 60 percent of Bankwise using Guevarra’s investment firm, Seed Capital Inc.
Ang said he participated in the fund-raising and contributed 20 percent of the needed amount. The full payment for the shares was made in tranches and the last tranche totaled P50 million, paid in June this year.
Ang added that he was elected Bankwise board chairman on April 22, replacing Rene Francisco, whose Wise Corp. once owned controlling interest in Bankwise. Francisco is the chairman of the Professional Educational Plan company.
Before Seed Capital’s entry into Bankwise, Ang said, the bank had over P700 million worth of directors, officers and stockholder related interest (DOSRI) loans and the BSP had approved of a rehabilitation plan to turn the foundering bank around within five years.
Ang said the rehabilitation would involve an infusion of P250 million in fresh capital and the appointment of a new president. He said the bank has appointed a transitional president, Larry Madera, and management is now scouting for a new president to head Bankwise.
According to Ang, Bankwise has begun negotiations for the BSP to accept P1 billion worth of foreclosed assets as dacion en pago (payment in kind) for the DOSRI loans.
The BSP, however, was still waiting for Bankwise to make its disclosure on the change of majority ownership, a transaction that requires BSP approval before becoming final.
The BSP originally liberalized its regulation and exempted thrift banks from this requirement until the controversial Unitrust Bank deal prompted the central bank to re-impose the requirement on thrift banks.
The BSP is now in the process of reviewing Ang’s election as Bankwise board chairman and subjecting him to the fit and proper tests, BSP officials said.
The BSP has been strict in implementing this test following the collapse of Unitrust Bank, which was acquired by controversial businessman Gento Ogami. Ogami was placed under investigation for alleged pyramiding operations.
Bankwise is based mainly in Metro Manila, where it has a total of six branches, including its head office.