The Ayala and Gokongwei groups appear to be looking at extending their partnership in banking to other business interests.
Bank of the Philippine Islands of the Ayala Group and Robinsons Bank of the Gongwei Group recently completed their merger, with BPI as the surviving entity.
Now, the Gokongwei Group is reportedly looking at AirSwift, the boutique airline of listed property developer Ayala Land Inc.
Cebu Air Inc., owned by the Gokongwei Group and operates budget carrier Cebu Pacific, told the stock exchange it is “currently engaged in exploratory talks with Ayala Land Inc. but nothing definitive has been agreed upon.”
The budget carrier added that it “is always on the lookout for opportunities to grow and expand its network, including partnership with other parties.”
Cebu Air noted its successful track record of aviation partnerships.
“Should any opportunity move from a proposal to a firm business undertaking, we will make the proper disclosures. We also endeavor that whatever business proposals we carefully evaluate, we never let it become a distraction to our core business,” the budget carrier told the stock exchange.
The budget carrier recently presented to President Ferdinand Marcos Jr. a binding memorandum of understanding with Airbus to purchase up to 152 A321neo, which are valued at $24 billion based on current list price.
Should any opportunity move from a proposal to a firm business undertaking, we will make the proper disclosures. We also endeavor that whatever business proposals we carefully evaluate, we never let it become a distraction to our core business.
