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Metrobank to buy out foreign partner

MANILA, Philippines — Metropolitan Bank & Trust Co. (Metrobank) of taipan George SK Ty is shelling out P14.8 billion to buy out its foreign joint venture partner in a leading provider of credit card services in the country.

The country’s second largest bank has entered into an agreement with its joint venture partner ANZ Funds Pty. Ltd. (ANZ) to increase its stake in Metrobank Card Corp. (MCC) up to 100 percent.

Subject to regulatory approvals, Metrobank is spending P7.4 billion to purchase 20 percent of ANZ this year and another P7.4 billion to acquire ANZ’s remaining 20 percent by the third quarter of 2018.

Metrobank entered into a joint venture with ANZ in 2003 to establish the MCC. The Ty-led bank controlled MCC with a 60 percent stake while ANZ owned the remaining 40 percent.

Fabian Dee, Metrobank president, said the joint venture arrangement has created a lot of value for both partners in the transformation of MCC into the country’s leading credit card company.

“We expect that the historically strong performance of MCC can be sustained on the back of robust consumption spending,” he said.

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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.

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

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