Metrobank (Philippines)
The Metropolitan Bank and Trust Company (PSE: MBT), commonly known as Metrobank, is the fourth largest bank in the Philippines.[2] It offers various financial services, from regular banking to insurance. It is the commercial and retail banking arm of GT Capital Holdings Inc.
| Type | Public |
|---|---|
| PSE: MBT | |
| Industry | Finance and insurance |
| Founded | 1962 in Binondo, Manila, Philippines |
| Founder | George Ty |
| Headquarters | Gil Puyat Avenue, Makati, Philippines |
Number of locations | 957 branches[1] 2,345 ATMs[1] |
Key people | |
| Products | Consumer banking Corporate banking Insurance Investment banking Mortgage loans Private banking Mutual fund Wealth management Credit card Finance lease |
| Revenue | ₱121.9 billion (2020)[1] |
| ₱13.83 billion (2020)[1] | |
| Total assets | ₱2.46 trillion (2020) [1] |
Number of employees | 13,150(2019)[1] |
| Subsidiaries | First Metro Investment Corporation Metrobank Card PSBank Orix Metro Leasing and Finance Corporation Axa Philippines |
| Capital ratio | 17.5% [1] |
| Rating | Moody's: Baa2 Fitch Ratings: BBB- |
| Website | www.metrobank.com.ph |
History
Metropolitan Bank and Trust Company (Metrobank) was established by a group of businessmen on September 5, 1962, at the Wellington Building in Binondo, Manila. In August 1963, the bank's first branch was established in Divisoria. Four years later, Metrobank opened its first provincial branch, the Davao branch. At the onset of the 1970s, Metrobank opened its first international branch in Taipei, Taiwan's capital city.
In April 1997, the Central Bank authorized Metrobank to operate a foreign currency deposit unit (FCDU). In the same year, branches and offices totaled 100 and the bank inaugurated its new head office at Metrobank Plaza in Makati.
On August 21, 1981, the Central Bank authorized Metrobank to operate as a universal bank. Following the grant of the universal banking license, Metrobank entered the following ventures: the acquisition of majority ownership of Philippine Savings Bank (the second largest savings bank in the country at that time); the establishment of a joint travel agency venture with Thomas Cook Group in Thomas Cook Phils., Inc. in 1986; and the tying-up with Toyota Motor Corporation of Japan and Mitsui to put up Toyota Motor Philippines in 1988. Metrobank subsequently entered into joint ventures with several renowned corporations like Sumitomo Mitsui Banking Corporation of Japan to create Sumigin Metro Investment Corporation; the National Mutual Holdings Ltd. of Australia to create Philippine Axa Life Insurance Corporation; and the ORIX of Japan to create ORIX Metro Leasing and Finance Corporation.
In September 1982, the number of Metrobank branches, offices and subsidiaries surpassed 200. A year later, Metrobank topped all private domestic banks in total resources, with ₱8.8 billion.
The bank continued to experience steady growth through the years. In September 1989, it increased its authorized capital stock from ₱2 billion to ₱5 billion. The bank's total capital funds on June 30, 2006 stood at P57.3 billion. Its consolidated resources amounted to ₱588.1 billion as of the same period. As of June 2007 assets reached ₱669.1 billion ($14.5 billion) (₱46=$1).
In 1990, alongside Chinabank, Citibank, RCBC and Security Bank, Metrobank become a founding member of BancNet.
Metrobank's subsidiaries are Toyota Motor Philippines Corporation, Philippine Savings Bank, First Metro Investment Corporation, Metrobank Card Corporation, ORIX Metro Leasing and Finance Corporation, SMBC Metro Investment Corporation, First Metro Travelex (formerly Thomas Cook (Phils.), Philippine Axa Life Insurance Corporation, Mirant Global Corporation, Philippine Charter Insurance Corporation, MBTC Technology, Inc., Robert Browns Wear Inc (Moose Gear & Moose Girl Apparel), Toyota Financial Services Corporation, Toyota Cubao, Inc., Toyota Manila Bay Corporation, First Metro Securities Corporation, First Metro International Investment Co. Ltd., Metropolitan Bank (Bahamas) Ltd., MB Remittance Center Inc. (USA), Metro Remittance Singapore, Metro Remittance UK Limited, Metro Remittance (Italia) SpA, Metro Remittance S.A. (Spain) and MBTC Exchange Services GmbH (Austria).
The Metrobank Group has a combined network of over 800 local and international branches/offices, remittance offices and subsidiaries worldwide. It has 557 domestic branches and 32 offices in New York, Hong Kong, Tokyo, Osaka, Seoul, Pusan, Guam, Taipei, Kaohsiung, Madrid, Barcelona, Vienna, Rome, Bologna, Milan, Singapore, Chicago, Hawaii, and Shanghai.
On September 17, 2008, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. announced Banco de Oro and Metrobank set aside provisions totalling $94.7 million to cover their exposure to the Lehman Brothers' collapse. Metrobank set aside $14 million in provisional funds, and it has $20.4 million worth of bonds issued by Lehman Brothers and ₱2.4 billion ($51.28 million) in loans to a Philippine-based subsidiary of the US investment bank.[3][4] The BSP data revealed Metrobank has a Lehman Brothers exposure of $71 million, and it set aside a buffer equivalent to 70% of its exposure.[5][6]
On September 28, 2009, Metrobank is the first local bank to offer a line of CNY denominated offerings.[7]
In 2017, Metrobank made a deal with ANZ to increase its stake at Metrobank Card Corp. (MCC) from 60 percent to 100 percent. Metrobank's joint venture with ANZ was formed in 2003. Since then, MCC has become a leading provider of credit cards in the Philippines, with more than 1.5 million cards based from the data of the Credit Card Association of the Philippines (CCAP). MCC reported total assets of ₱60.4 billion and a return on average equity of 36.3 percent. MCC is also number one in terms of receivables based on CCAP data.[8] ANZ, on their part, announced that they would sell half of their 40% stake at MCC for US$144 million and had an option to sell the remaining 20% stake to Metrobank on the same terms, which would be exercisable in the fourth quarter of the 2018 fiscal year.[9]
Subsidiaries and affiliates
Metrobank is divided into the following subsidiaries and affiliates, which are listed depending on their location of operation:
Domestic subsidiaries and affiliates
- First Metro Investment Corporation
- First Metro Securities Brokerage Corporation
- First Metro Travelex
- Manila Doctors Hospital
- Manila Tytana Colleges (formerly Manila Doctors College)
- Metrobank Card Corporation (formerly Unibancard Corporation)
- Orix Metro Leasing and Finance Corporation
- Philippine Axa Life Insurance Corporation
- Charter Ping An Insurance Corporation
- Philippine Savings Bank
- SMBC Metro Investment Corporation
- Toyota Cubao Inc.
- Toyota Financial Services Philippines Corporation
- Toyota Manila Bay Corporation
- Toyota Motor Philippines Corporation
- Moose Gear and Moose Girl
International subsidiaries and affiliates
- First Metro International Investment Corporation Ltd. HK
- MBTC Exchange Service GmbH - Vienna
- MB Remittance Center HK
- Metro Remittance Center SA - Spain
- Metro Remittance (Italia) SpA
- Metro Remittance Singapore Pte Ltd
- Metro Remittance (UK) Limited
Ownership structure
As of September 30, 2020, the following are the major stockholders:[10]
| No. | Company | Proportion in % |
|---|---|---|
| 1 | GT Capital Holdings, Inc. | 37.15 |
| 2 | PCD Nominee (non-Filipino) | 23.34 |
| 3 | PCD Nominee (Filipino) | 22.98 |
| Others | 16.54 | |
Competition
Metrobank, as was once the second largest Philippine bank, is always trying to stave off competition to remain one of the country's largest banks. Its main competitors are Sy-led Banco de Oro and Bank of the Philippine Islands (BPI) of the Ayala group. Other major competitors include state-owned Landbank and UCPB, Lucio Tan-owned Philippine National Bank, Gotianun-led EastWest, Security Bank of the Dy family, Chinabank (partly owned by the Sy and Dee families) and the Rizal Commercial Banking Corporation (RCBC) of the Yuchengco family.
See also
- BancNet (the Metrobank ATM network)
- List of banks in the Philippines
References
- ^ a b c d e f g "Annual report" (PDF). metrobank.com.ph. 2019. Retrieved August 19, 2020.
- ^ . www.bsp.gov.ph. Retrieved November 14, 2022.
- ^ "Philippine banks set aside funds after Lehman collapse". Monstersandcritics.com. September 17, 2008. Retrieved July 29, 2010.
- ^ "Philippines banks set provisions for Lehman exposure". September 16, 2008. Retrieved July 29, 2010.
- ^ "Philippines' BDO says exposure to Lehman at $134 mln". Reuters.com. September 19, 2008. Retrieved July 29, 2010.
- ^ . Philippine Daily Inquirer. September 19, 2008. Archived from the original on July 21, 2011. Retrieved July 29, 2010.
- ^ . Philippine Daily Inquirer. September 25, 2009. Archived from the original on September 26, 2009. Retrieved July 29, 2010.
- ^ Dumlao-Abadilla, Doris. "Metrobank buying out ANZ's 40% stake in credit card venture". Philippine Daily Inquirer. Retrieved October 20, 2017.
- ^ Stewart, Robb. "ANZ to Sell Half of Stake in Philippines-Based Metrobank Card Corp for A$184 Million". Fox Business. Retrieved October 20, 2017.
- ^ "List of Top 100 Stockholders". edge.pse.com.ph. Retrieved January 4, 2021.
External links
- Metrobank
- Reuters, Stock Quote
- Reuters, Metropolitan Bank & Trust Co (Philippine Stock Exchange), Analyst Research
- Reuters Full Description
- Top 10 Commercial Banks in the Philippines, as of December 31, 2008