Date Posted: June 19, 2015
State pension fund Government Service Insurance System (GSIS) will sell all its shares in the GSIS Family Bank (GFB) for a minimum offer price of Php501 million.

The winning offeror will enjoy various incentives as approved by BSP Monetary Board Resolution No. 224 dated 13 February 2015.

These incentives include opening 20 additional branches and relocating 12 of its existing 22 branches anywhere in the country (including restricted areas) and accepting government deposits from GSIS subject to the approval of the Finance Secretary.

The winning offeror will also be allowed to retain the GFB thrift banking license, if the winning Third Party Investor (TPI) is a commercial bank.

If it is a thrift bank, the winning TPI will be allowed to either merge with GFB or convert into a commercial bank that can operate and engage in expanded foreign currency deposit units, trust and quasi-banking functions.

If it is not a bank, the winning offeror may convert GFB into a commercial bank subject to compliance with existing laws and regulations.

Interested offerors may submit their financial offer to the Investment Bids and Awards Committee (IBAC) on or before 1:30 p.m. on 22 June 2015.

For more details on the sale of GFB shares, bidders may visit the GSIS website, www.gsis.gov.ph (Opportunities- Investment BAC tab); email ibacsecretariat@gsis.gov.ph; or call the IBAC Secretariat c/o Mr. Danilo E. Vinoya at 479-3538.