Lippo eyes RP bank

Lippo eyes RP bank

MANILA (AFP): Lippo Group of Indonesia has offered to buy a majority stake in ailing Philippine thrift bank Monte de Piedad and Savings Bank, authorities said yesterday.

The group would inject capital of one billion pesos (US$38.5 million) into the bank, Central Bank of the Philippines governor Gabriel Singson said in a statement.

Lippo's offer topped rehabilitation proposals submitted by two Philippine banks, the central bank chief said.

Singson said he gave majority Monte de Piedad shareholder Vicente Tan up to the end of the day to match Lippo's offer if he was to retain 86.9 percent of the bank's common and 71.2 percent of its preferred shares.