Henry Sy
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| Henry Sy, Sr. 施至成 | |
|---|---|
| Born | December 25, 1924 Amoy, Republic of China |
| Residence | Manila, Philippines |
| Nationality | Filipino |
| Ethnicity | Han Chinese |
| Education | Far Eastern University |
| Occupation | Chairman and CEO of SM Investments Corporation SM Prime Holdings SM Development Corporation and Highlands Prime Holdings Banco de Oro Chairman Emeritus China Banking CorporationHonorary Chairman |
| Known for | Founder of SM Group |
| Net worth | $13 billion |
| Title | Henry Sy & family |
| Children | Teresita Elizabeth Henry Jr. Hans Herbert Harley |
| Parents | Henry H. Sy |
Henry Sy, Sr. (Chinese: 施至成; pinyin: Shī Zhìchéng; born December 25, 1924) is a Chinese Filipino businessman with interests in retailing, real estate, hospitality, banking, mining, education including healthcare services. He pioneered the establishment of SM Malls, anchored by Shoemart Department Store and Supermarket earning him the title, the Philippines' Retail King. He is the chairman of SM Prime Holdings, Inc., the holding corporation for all his business interests in his vast business empire. In 2011, Forbes Magazine listed him as the no. 1 billionaire in the Philippines.
He has six children.[1]
Contents
[hide]Biography
- Early life
Henry Sy was born to a poor family in Xiamen, Chinaon December 25,1924. He is the son of Henry H. Sy. He graduated from San Beda College Mendiola. He immigrated to the Philippines and got his start by selling rejected and overrun shoes from Tondo.[2]
He completed his secondary education in a school now known as Chiang Kai Shek College [3] and earned his Associate of Arts degree in Commercial Studies at Far Eastern University in 1950.[4]
- Foray into business
In 1958, Sy established a small shoe store in Quiapo, Manila that marked the establishment of SM Prime Holdings.[5] In November 1972, the small shoe store became SM Quiapo, SM's first standalone department store.
He is the Philippines' richest man, gaining $5 billion in 2010, amid the global financial crisis. The huge gain was due to his holding company, SM Investments Corporation, which has interests inBanco de Oro, inter alia. Forbes magazine's 2008 list of 40 wealthiest Filipinos, revealed the Sy family's net worth was $6.2 billion. Earlier, he was the second wealthiest individual in the Philippines, next to Lucio Tan, and (as of 2010) 201st in the world.
Sy is considered a tai-pan. The Sy group is the operator of Banco de Oro and owner of Chinabank. In 2006, he bought the remaining 66% of Equitable PCI Bank, the Philippines third largest lender, in which he already had a 34% stake, and merged it with Banco de Oro in 2007. The merger created the Philippines' second largest financial institution with resources of close to $17 billion. Rumors say that the Sy family has a personal stake of $4 billion in these three banks, although there is no sufficient evidence to strongly substantiate that.
In August of 2005, Sy's stake in the San Miguel Corporation, Southeast Asia's largest food and beverage conglomerate, reached 11%.[7] He sold that stake in October of 2007[8] for $680 million.[9]
Henry Sy, Sr., was named "Management Man of the Year" by the Makati Business Club in 1999 and was conferred an Honorary Doctorate in Business Management by De La Salle University in January of that year. He organized the SM Foundation Inc., which helps underprivileged and promising young Filipinos. Several of his children hold senior management positions in his companies, although he has groomed daughter Teresita Sy-Coson and his grandchildren Hailey Sy-Coson, Darcie Sy,Patrick Carlo Sy, Cheska Sy, Sarita Sy, Samantha Ong-Sy and Josiah Sy as his successors. Sy's holding company, SM Investments Corporation, has consistently been cited as one of the Philippines best-managed companies. On May 20, 2006, the SM Mall of Asia, built in the reclamation area ofPasay City, was opened to the public. It is the third-largest mall in the world as of 2012.
Business interests
- Holding company
- Real estate
- Banking
- Leisure
- Belle Corporation - is a leading Philippine developer of high-end residential and leisure properties.
- Highlands Prime, Inc. - engages in developing leisure properties in the Philippines.
Awards
- Management Man of the Year" by the Makati Business Club – 1999
- Honorary Doctorate in Business Management by De La Salle University in January 1999
- 40 Richest Filipinos of 2008
- Forbes magazine Heroes of Philanthropy 2009
- 1st Chinese-Filipino recipient of the PCE Big Brother of Filipino Entrepreneurs award (2006)
- 1st Chinese-Filipino recipient of the PRA President's Award (2005)
References
- ^ Top 10 richest Chinese in the world
- ^ Philippine Businessman | Henry Sy, Sr.. People (2009-08-10). Retrieved on 2012-01-02.
- ^ Stepping Up to the Big Time – Sunday Inquirer Magazine. Inquirer.net. January 11, 2009. Retrieved on 2012-01-11.
- ^ Bignotia, Carmela (2007-03-10). "Henry Sy Sr.: The Man Truly Has It All". Retrieved 2007-10-16
- ^ Philippines mall mogul rakes it in as crisis hits rich: Forbes. AFP October 15, 2008
- ^ The mall that started it all: Celebrating 25 years of SM City North EDSA by Wilson Lee Flores – The Philippine Star » Lifestyle Features » Sunday Life. Philstar.com. August 15, 2010. Retrieved on 2012-01-11.
- ^ "SM's Henry Sy hikes stake in SMC to 11%". http://www.philstar.com. August 13, 2005.
- ^ "(UPDATE 2) Henry Sy son in P45-B Meralco stake bid". abs-cbnnews.com. October 30, 2009.
- ^ "Copy of Henry Sy Group of Companies Micro Economics Presentation". http://prezi.com. January 15, 2013.
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