In a phone interview, Vicsal Investment president Senen Matoto said that the transaction still requires approval from the Bangko Sentral ng Pilinas although he remains confident the September deadline will be met.

Vicsal Investments is acquiring AB Capital and Investment as part of its plan to become a full-range financial services company.

“We have been trying to grow organically but we believe we will grow much faster with an acquisition. AB Capital complements our business perfectly and it is much more established,” Matoto said.

On Monday, AB Capital and Investment said its securities arm is relocating to Tower One and Exchange Plaza on Ayala Avenue in Makati City on August 8, where Vicsal Investments is also headquartered. AB Capital Securities is currently based in Rockwell Center in Makati City.

Phinma Corp. earlier said it is selling its stake in AB Capital and Investment to focus on its energy, real estate, power and education businesses. The financial services firm at the time account for 3 percent of Phinma Corp.’s total assets.

Vicsal Investments is a subsidiary of Vicsal Development Corp., a privately held conglomerate that also owns the Metro Gaisano chain of department stores. The Gaisano group also owns a trading right through Vicsal Securities and Stock Brokerage Inc.

Proceeds generated from the sale are seen to fund other business ventures of Phinma Corp.

At present, the company generates the bulk of its revenues from Union Galvasteel Corp. It also owns Araullo University, Cagayan de Oro College Inc., Universtiy of Pangasinan, University of Iloilo and an animation services studio.

The company also has minority stakes in Phinma Property Holdings Corp. and listed Trans-Asia Oil and Energy Development Corp.