Henry Sy, Sr.

Henry Sy, Sr. (Chinese: 施至成; pinyin: Shī ZhìChéng; born December 25, 1923) 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 1.4 billion dollars 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 3.1 billion dollars. Earlier, he was the 2nd wealthiest individual in the Philippines, next to Lucio Tan and (as of 2008) 843rd in the world. 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. 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. The merger created the Philippines’s second largest financial institution with resources of close to $17billion dollars. 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. Mr. 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 but promising young Filipinos.

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.

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.

Other Information

• Real Name : Henry Sy, Sr
• Chinese Name: 施至成
• Born : December 25, 1923, Xiamen, China
• Residence : Manila, Philippines
• Nationality : Filipino
• Occupation : Chairman of SM Prime Holdings
• Net worth : US$ 2.7 Billion
• Known for : Founder of SM
• Parents : Henry H. Sy
• Children : 6 children
  • Teresita Sy-Coson
  • Henry T. Sy Jr
  • Hans T. Sy
  • Herbert T. Sy
  • Elizabeth  T. Sy
  • Harley T. Sy
• Schools Attended : Far Eastern University
• Fortune: self made
• Source: Malls

Business Interest

• SM Investments Corp
• SM Prime Holdings
• Banco de Oro Universal Bank

Trivia

• He is the Philippines’ richest man, gaining 1.4 billion dollars in 2007
• He is known as the Father of Philippine Retailing
• founder and chairman of the SM Group of Companies

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

Links

• Wikipedia
• Henry Sy

Related posts:

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3. Manila's Banco de Oro raises $62 mln Tier 2 debt
4. Banco de Oro Q1 profit falls 24% as trading gains drop
5. Shoppers flock to malls on Ninoy Aquino day
6. Enrique Razon Jr.
7. BDO gets financing for green banking program
8. Antonio Abacan Jr.
9. Lucio Tan
10. Pangilinan group hikes Meralco stake to 41.1%

Tags: Forbes Magazine, san miguel, san miguel corp, SM Mall of Asia