Metrobank denies wrongdoing

Metrobank has denied any wrongdoing in its transactions with oil importer Zhenron Corp. a former corporate client, which had accused the bank of unsound practices that caused the company to lose over P60 million.

Metrobank said the complaint Zhenron filed had no basis in fact or law.

In a statement to the Inquirer, Metrobank said “good governance” remained its top
priority.

“For 49 years, Metrobank has built a reputation of uncompromised integrity, keeping good governance on top of its priorities. The bank consistently adheres to banking regulations with only the best interest of its clients in mind,” the statement said.

The bank was reacting to an earlier report in the Inquirer on a complaint lodged by Zhenron, which filed administrative charges against Metrobank with the Bangko Sentral ng Pilipinas (BSP) and a criminal complaint in the Manila Prosecutor’s Office.

The BSP’s Office of Special Investigations ruled that the complaint was valid and endorsed the case to another BSP department which will decide the penalties to be imposed on the bank.

Zhenron accused Metrobank of falsely claiming that the former had unpaid interest obligations. This was the reason cited by the bank for its takeover of about P31 million in peso deposits of Zhenron and another P31 million in insurance policies.

But Metrobank maintained that Zhenron had unpaid obligations to the bank.

“The bank has acted in accordance with the contractual obligations set by the parties and adhered to set banking principles,” Metrobank said.

The bank also denied a separate complaint filed by Brent International School, which accused the bank of charging and collecting P10 million in fees from the school for a loan application, which the bank eventually did not grant.

“Metrobank maintains that the complaints filed by Zhenron and Brent have no factual basis,” it said.