Henry Sy
Encyclopedia
Henry Sy 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. Acknowledged as the country’s "Retail King," he set up a modest shoe store in Quiapo in 1946, then expanded his businesss until he became the biggest shopping mall operator with over 41 malls throughout the Philippines.
Sy is considered a tai-pan
. The Sy group is the operator of Banco de Oro Universal Bank and owner of China Banking Corporation. 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 Universal Bank 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.
Sy has recently sold his 11% stake in San Miguel Corporation, Southeast Asia's largest food and beverage conglomerate for $680 million.
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. 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, and Josiah Sy as his successors. Sy's holding company, SM Investments Corp., 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 of Pasay City
, was opened to the public. It is the sixth-largest mall in the world. Sy got his start by selling smuggled shoes from abroad.
Chinese Filipino
A Chinese Filipino derived from two words: "Tsino" and "Pinoy" ) is a Philippine national of Chinese ethnicity but born/raised in the Philippines....
businessman and the founder of SM Group and chairman of SM Prime Holdings
SM Prime Holdings
SM Prime Holdings, Inc. or SM Prime is the parent company of the SM Group's shopping malls. It is the largest shopping mall and retail operator in the Philippines...
, the largest retailer and shopping mall operator in the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
. He earned his Associate of Arts degree in Commercial Studies at Far Eastern University
Far Eastern University
Far Eastern University in the University Belt area, West Sampaloc, City of Manila, is a nonsectarian, private university in the Philippines. Created by the merger of Far Eastern College and the Institute of Accounts, Business and Finance, FEU became a university in 1934 under the guidance of...
in 1950. Acknowledged as the country’s "Retail King," he set up a modest shoe store in Quiapo in 1946, then expanded his businesss until he became the biggest shopping mall operator with over 41 malls throughout the Philippines.
Biography
Henry Sy, Sr. (Chinese: 施至成; pinyin: Shī ZhìChéng; born December 25, 1924) is a Chinese Filipino businessman and the founder 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. 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. He is the Philippines' richest man, gaining $3.7 billion in 2007, 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 $6.2 billion. Earlier, he was the second wealthiest individual in the Philippines, next to Lucio Tan, and (as of 2008) 843rd in the world.Sy is considered a tai-pan
Tai-Pan
The term tai-pan was originally used to describe a foreign businessman in China or Hong Kong in the nineteenth and early twentieth centuries. The Cantonese colloquialism is now used in a more general sense for business executives of any origin...
. The Sy group is the operator of Banco de Oro Universal Bank and owner of China Banking Corporation. 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 Universal Bank 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.
Sy has recently sold his 11% stake in San Miguel Corporation, Southeast Asia's largest food and beverage conglomerate for $680 million.
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. 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, and Josiah Sy as his successors. Sy's holding company, SM Investments Corp., has consistently been cited as one of the Philippines best-managed companies. On May 20, 2006, the SM Mall of Asia
SM Mall of Asia
SM Mall of Asia is a shopping mall owned and developed by SM Prime Holdings, the largest mall developer and owner in the Philippines. SM Mall of Asia is the 2nd largest mall in the Philippines after SM City North EDSA, 3rd largest shopping mall in Asia and the 4th largest shopping mall in the world...
, built in the reclamation area of Pasay City
Pasay City
The City of Pasay is one of the cities and municipalities that make up Metro Manila in the Philippines. It is bordered on the north by the country's capital, Manila, to the northeast by Makati City, to the east by Taguig City, and Parañaque City to the south.Pasay City was one of the original four...
, was opened to the public. It is the sixth-largest mall in the world. Sy got his start by selling smuggled shoes from abroad.
Business Interests
- SM Investments Corporation (SMIC) is the holding company of the SM Group of Companies.
- SM Prime Holdings, Inc. (PSE: SMPH) or SM Prime is the parent company of the SM Group’s shopping malls.
- Banco de Oro Universal Bank Inc. (BDO), originally known as Acme Savings Bank, was acquired by the SM Group in 1976.
- 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.
- China Banking Corporation, together with its subsidiaries, provides commercial banking products and services to businesses and entrepreneurs, as well as to individuals in the Philippines.
- SM Development Corporation (SMDC) was originally incorporated in 1974 as Ayala Fund, Inc., a closed-end investment company.
Awards
- Management Man of the Year" by the Makati Business Club – 1999
- Honorary Doctorate in Business Management by De La Salle University-Manila 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)