Metrobank to absorb credit card unit
The banking arm of the Ty family will absorb the operations of credit card subsidiary Metrobank Card Corp. (MCC).
In a regulatory filing, Metropolitan Bank & Trust Co. said its merger with MCC was subject to shareholder and regulatory approvals.
MCC is a finance company and general insurance agency that is 100% owned by Metrobank.
Last September, Metrobank bought out the 40 percent stake held by its partner, ANZ Funds Pty. Ltd. in a deal valued at P14.8 billion. The increase in Metrobank’s stake in MCC to 100 percent was in line with the bank’s capital planning activities.
“The proposed transaction will unlock the value of MCC, being a wholly owned subsidiary of Metrobank, and help improve synergy and cross-sell, increase profitability and improve capital efficiency, and enable Metrobank to be more competitive in the credit card business,” the bank said in a regulatory filing.