Metrobank beefs up remittance business

MANILA, Philippines — Listed Metropolitan Bank & Trust Co. (Metrobank) continued to beef up its remittance business via tie-ups with various international and local companies.

Metrobank said it forged international remittance tie-ups with five companies including Al Sultan Exchange in Kuwait; Extrabanca Spa in Italy; Smallworld Financial Services Group Ltd. in the United Kingdom; Transferwise Ltd. in London; and Transfast Remittance LLC in New York City.

Likewise, the country’s second largest bank also entered into a partnership with local companies Aqualink Maritime Inc. and Trioceanic Manning & Shipping Inc.

“To further expand the remittance business of the bank and its presence in the international market, remittance alliances were established between the bank and several well-established businesses,” the bank said.

Metrobank is owned by taipan George SK Ty through flagship firm GT Capital Holdings Inc. It conducts remittances business through Metro Remittance (Hong Kong Ltd.), Metro Remittance (Singapore) Pte Ltd., Metro Remittances (USA) Inc., Metro Remittance Center Inc., Metro Remittance (Canada) Inc., MB Remittance Center Hawaii Ltd., Metro Remittance UK Ltd., and Metro Remittance (Japan) Co. Ltd.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed personal remittances booked a double-digit growth of 10.8 percent to $2.65 billion in January from $2.39 billion in the same month last year, while cash remittances coursed through banks rose 9.7 percent to $2.38 billion from $2.17 billion.

The BSP has set a four percent growth target for both personal and cash remittances this year. Remittances continue to boost personal consumption helping sustain a steady growth. Personal remittances accounted for 10 percent of gross domestic product (GDP) and 8.3 percent of gross national income (GNI) last year.

“The bank believes that it has reached its optimal state in terms of its branch network and is confident that it has the size and scale to pursue its growth plans,” it added.

Metrobank booked a net income of P18.2 billion as its assets rose to a record P2.1 trillion last year. The group ended 2017 with 952 branches and 2,352 ATMs nationwide.