San Miguel Sees Bank Unit Sale Soon, Eyes Overseas Oil and Gas Deal

Bank Sale

After failed talks with Malaysia's CIMB Group Holdings last year, San Miguel is again negotiating with foreign and domestic groups to sell a stake in unlisted Bank of Commerce worth $500 million, Ang said, adding the group wanted to exit the banking sector for lack of a major presence.

The sale is being handled by Citibank, Ang said.

"There are so many interested in Bank of Commerce now," Ang said. "It may be sold soon."

San Miguel this month sold back its stake in Philippine Airlines to the flag carrier's majority owner, Lucio Tan. Ang said San Miguel did not make money from its two-year investment.

The group is open to another airline investment in future, but wants to focus on growing its existing portfolio, including food, where it wants to diversify into biscuits, instant noodles, and ready-to-eat items.

San Miguel has said it was planning a solo bid for British snacks maker United Biscuits, owner of brands such as Jaffa Cakes and Twiglets, with the auction valued at more than $3 billion.

"It's a non-binding offer at the moment, we haven't submitted anything yet," Ang said, adding that the group hoped to enter the second round of the United Biscuits bid process.