San Miguel Corp. said it may bid for the government’s stake in United Coconut Planters Bank (UCPB), a contrast with the company’s years of failed attempts to exit from one of the nation’s other lenders, Bank of Commerce.
San Miguel, the nation’s biggest company, submitted a letter of intent to bid for the 74-percent holding, President Ramon S. Ang said by mobile-phone message.
Twelve groups have expressed interest, according to the government. Mitsubishi UFJ Financial Group Inc. is among them, a person with knowledge of the matter said last month.
The Philippines is planning to sell its shareholding for a minimum of P1.1 billion ($24 million), while also requiring any new owner to inject at least P15 billion of capital.
Ang didn’t give a reason for the firm’s interest in UCPB—and nor would he say whether Bank of Commerce is still for sale. Reuters reported San Miguel’s interest earlier, citing an unidentified person.
In June 2013 Malaysia’s CIMB Group Holdings Bhd. scrapped a plan to buy 60 percent of Bank of Commerce for P12.2 billion. In February this year San Miguel said Mizuho Financial Group Inc. was interested in acquiring its stake in the lender.
San Miguel is a brewer that diversified into oil, power and infrastructure.