PHA revealed that it was getting 40 percent of the 60 percent share that Squidpay was buying in Batangas-based Phil Star Development Bank from Philippine Regional Investment Development Corporation (PRIDE), a wholly-owned investment house of ABA.
READ: Marvin Dela Cruz’s Squidpay ties up with Regina Reyes’ AbaCore bank to form P1.5B digital bank
Squidpay had previously signed a memorandum of understanding with PRIDE on January 2021 to invest P900 million (to be paid over three years) in Phil Star with Reyes’ group retaining 40 percent. With PHA’s entry, Squidpay would reduce its investment commitment to P300 million or 20 percent share.
The group plans to convert Phil Star into a digital bank to serve “the ever-growing need for cashless payments considering the pandemic and the Bangko Sentral ng Pilipinas’ drive for digital banking.”
Squidpay’s investors took control of 55 percent of PHA in November 2020. They paid P959 million – P300 million in cash and P625 million to be paid over two years payable in cash or SquidPay shares.
The post PHA chips in P600M to Squidpay’s digital bank venture with Regina Reyes’s AbaCore first appeared on Bilyonaryo Business News.
0 Comments