June 23, 2018, 10:29 am
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Metrobank increases stake in MCC up to 100%

Metropolitan Bank & Trust Company (Metrobank) announced that it entered into an agreement with its joint venture partner ANZ Funds Pty. Ltd. (ANZ) to increase its stake in Metrobank Card Corporation (MCC) up to 100 percent. 

Metrobank’s joint venture with ANZ was formed in 2003 with Metrobank holding a 60 percent stake and ANZ the remaining 40 percent.  

MCC is the leading provider of credit cards in the Philippines with more than 1.5 million cards in force based on data obtained from the Credit Card Association of the Philippines (CCAP).  

Metrobank President Fabian S. Dee commented, “The joint venture arrangement has created a lot of value for both partners as we transformed MCC into the #1 credit card company in the Philippines.  We expect that the historically strong performance of MCC can be sustained on the back of robust consumption spending.”  

In 2016, MCC reported total assets of P60.4 billion and a return on average equity of 36.3 percent. 

MCC was also number 1 in terms of receivables based on CCAP data.  

Dee added, “With this transaction, we now have a great opportunity to further expand our retail capabilities.  We expect to leverage on better operational efficiencies as we eventually make MCC a wholly-owned subsidiary of Metrobank.”  

Subject to regulatory approvals, Metrobank will purchase 20 percent of MCC for a consideration of P7.4 billion.  The sale of the remaining 20 percent will be completed by the third quarter of 2018 on the same terms.

Metrobank is the country’s premier universal bank and has one of the largest domestic networks with 959 branches and over 2,200 automated teller machines (ATMs) nationwide, and 32 foreign branches, subsidiaries and representative offices. 
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