Native name Sy Chi Sieng 施至成 Title Henry Sy & family Net worth 13.8 billion USD (2015) | Known for Founder of SM Group Name Henry Sy Spouse Felicidad Tan Parents Tan O Sia, Henry H. Sy | |
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Occupation Chairman and CEO of SM Investments CorporationSM Prime HoldingsSM Development Corporation and Highlands Prime HoldingsBanco de Oro Chairman EmeritusChina Banking Corporation Honorary Chairman Similar People Lucio Tan, John Gokongwei, Teresita Sy‑Coson, Jaime Zobel de Ayala, Andrew Tan Died January 19, 2019 (aged 94) Makati, Philippines | ||
The henry sy story the father of philippine retail
Henry Sy, Sr. (Chinese: 施至成; pinyin: Shi Zhicheng; Pe̍h-oe-ji: Si Chi-seng; December 25, 1924 – January 19, 2019) was a Chinese-Filipino business magnate, investor, and philanthropist. He was involved in the industries of real estate, hospitality, banking, mining, education, and health care. He was responsible for the establishment of SM malls, anchored by Shoemart Department Store and Supermarket. He was the chairman of SM Prime in , Inc., the holding corporation for all his business interests in his vast business empire. In 2011, Forbes Magazine listed him as the richest man in the Philippines.
Contents
- The henry sy story the father of philippine retail
- Sm history on how henry sy sr started his company
- Early life
- Career
- Business interests
- Awards
- Death
- References
Sm history on how henry sy sr started his company
Early life
Henry Sy was born to a poor family in Xiamen, China on December 25, 1924. He was the son of Henry H. Sy and Tan O Sia.
He completed his secondary education in a school now known as Chiang Kai Shek College and earned his Associate of Arts degree in Commercial Studies at Far Eastern University in 1950.
Career
In 1958, Sy established a small shoe store in Quiapo, Manila that marked the establishment of SM Prime Holdings. In November 1972, the small shoe store became SM Quiapo, SM's first standalone department store.
On November 25, 1985, he established his first SM Supermalls, SM City North EDSA.
He was 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 in Banco 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 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.
In August 2005, Sy's stake in the San Miguel Corporation, Southeast Asia's largest food and beverage conglomerate, reached 11%. He sold that stake in October 2007 for $680 million.
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, Lance Harold 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 of Pasay City, was opened to the public. It is the third-largest mall in the world as of 2012.
He had six children.
Business interests
Awards
Death
Sy died in his sleep on January 19, 2019, 25 days after his 94th birthday. He was discovered on the morning of that day, in his home in Forbes Park, Makati. The interment took place at the Heritage Memorial Park in Taguig, on January 24, 2019.