George S.K. Ty, one of the richest men in the Philippines and whose company forged a joint partnership with Toyota Motor Corp., died at the age of 86 Friday, the Metrobank Group said in a statement.

Memorial services for Ty, chairman emeritus of Metrobank, will start on November 25 at the Heritage Park, Taguig City. In lieu of flowers, donations to the Philippine National Red Cross, CBCP Caritas Filipinas Foundation and Philippine Disaster Resilience Foundation will honor his spirit of generosity and memory, the Metrobank Group said.

Ty set up Metrobank in 1962, and he grew the bank and expanded its reach internationally.

"He went beyond banking and transformed the Bank to a diverse business conglomerate with successful joint ventures like that of the Toyota Motor Corporation, AXA insurance, Orix Metro Leasing to name a few," the Metrobank Group said.

Ty was recognized for his philanthropy through the Metrobank Foundation. DMS