Henry Sy

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Henry Sy, Sr. (Chinese: 施至成; pinyin: Shī ZhìChéng; born October 25, 1924) is a Chinese Filipino businessman and the founder of SM Group and chairman of SM Prime Holdings, the largest retailer and shopping mall operator in the Philippines. He earned his Associate of Arts degree in Commercial Studies at Far Eastern University in 1950.^[2] Acknowledged as the country’s "Retail King," he has come a long way from the modest shoe store he set up in Quiapo in 1946, to become Asia's biggest shopping mall operator with over 30 malls throughout the Philippines.^[3]

Biography

He is the Philippines' richest man, gaining 1.4 billion dollars in 2008, amid the global financial crisis. The huge gain was due to his holding company, SM Investments Corp., which has interests in Banco de Oro Universal Bank, inter alia. Forbes magazine's 2008 list of 40 wealthiest Filipinos, revealed the Sy family's net worth was 3.1 billion dollars.^[3][4][5] Earlier, he was the 2nd wealthiest individual in the Philippines, next to Lucio Tan and (as of 2008) 843rd in the world. As of September 2009 Mr.Sy's net worth was estimated at $3.8 billion by forbes Asia topping the Philippines rich list.^[6] Sy is considered a Tai-Pan or tycoon of Asia. The Sy group is the operator of Banco de Oro Universal Bank and owner of China Banking Corporation.^{[citation needed]} In 2006, he bought the remaining 66% of Equitable PCI Bank, the Philippines 3rd largest lender, in which he already had a 34% stake, and merged it with Banco de Oro Universal Bank in 2007.^{[citation needed]} The merger created the Philippine's second largest financial institution in 2008 and taking the top spot in 2009 with resources of close to $20 billion dollars.^{[citation needed]} A conspiracy tell that the Sy family has a personal stake of $4 billion in these 3 banks, although there are still no sufficient evidences that strongly substantiate such matter.^{[citation needed]} Mr. Sy has recently sold his 11% stake in San Miguel Corporation, Southeast Asia's largest food and beverage conglomerate for $680 million.^{[citation needed]}

Henry Sy, Sr., was named "Management Man of the Year" by the Makati Business Club and was conferred an Honorary Doctorate in Business Management by De La Salle University-Manila in January 1999.^{[citation needed]} He organized the SM Foundation Inc., which helps underprivileged but promising young Filipinos.^{[citation needed]}

Sy's retail chain is SM Prime Holdings, known as "Shoe Mart" or simply "SM". Several of his children now hold senior management positions in his companies, although he has groomed daughter Teresita Sy-Coson and his grandchildren Hailey Sy-Coson, Darcie Sy and Josiah Sy as his successors.^{[citation needed][7]}

Sy's holding company, SM Investments Corp., has consistently been cited as one of the Philippines best-managed companies.^{[citation needed]} On May 20, 2006, The SM Mall of Asia, built in the reclamation area of Pasay City, was opened to the public.^[7] It is the sixth-largest mall in the world.

References

External links

• Some facts about Henry Sy
• Henry Sy Success Story
• Henry Sy: Father of Philippine Retail
• [1]
• [2]