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Ayala sets up mobile finance bank.
Byline: E. S. Lacson
THE BANKING AND mobile phone units of Ayala Corp. have joined forces to form the countrys first mobile microfinance bank capitalized at P500 million.
The Ayala Group has already signed an agreement with Bank of the Philippine Islands (BPI) and Globe Telecom Inc. for the venture, the group said in separate disclosures.
BPI and Globe each will hold 40 percent in the bank, while Ayala will own the balance of 20 percent.
The three companies plan to use BPIs thrift bank subsidiary, Pilipinas Savings Bank, which has one branch on Ortigas Ave. in …
