Metropolitan Bank & Trust Co., the second-largest bank in terms of assets, said it bought out partner ANZ Funds Pty. Ltd. in credit card unit Metrobank Card Corp.
Metrobank, which has a 60-percent stake in Metrobank Card, said in a disclosure to the stock exchange it signed an agreement with ANZ for the acquisition of another 20-percent stake for P7.4 billion. It would acquire the remaining stake by the third quarter of 2018.
Metrobank’s joint venture with ANZ was formed in 2003 with Metrobank holding a 60-percent stake and ANZ the remaining 40 percent. Metrobank Card Corp. 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.
Metrobank president Fabian Dee said in a statement the joint venture arrangement created a lot of value for both partners. Metrobank Card Corp. was transformed into the number one 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,” Dee said.