Local banking giant Metropolitan Bank and Trust Co. has completed its takeover of full control of credit card subsidiary Metrobank Card Corp. (MCC) with the purchase of the remaining 20 percent held by long-time partner ANZ Funds Pty. Ltd.
Metrobank consummated the purchase of ANZ’s remaining 20 percent share in MCC for P7.4 billion.
The local bank earlier agreed to buy out the 40-percent stake held by ANZ for P14.8 billion. The initial 20-percent purchase was previously executed.
“The final transaction brings Metrobank’s ownership in MCC to 100 percent and likewise completes the full handover from ANZ as Metrobank assumes 100-percent responsibility over MCC operations,” Metrobank said in a disclosure to the Philippine Stock Exchange.
The increase in Metrobank’s stake in MCC is seen to benefit the bank with the recognition of additional earnings from this market-leading business.
The transaction is also seen to “improve operational efficiencies between MCC and Metrobank.” It is likewise in line with Metrobank’s capital planning initiatives.
MCC was established in August 1985, known then as Unibancard Corp. In 2003, Australia and New Zealand Banking Group Ltd., through its wholly-owned subsidiary ANZ Funds Pty., entered into a joint venture with Metrobank for the operation of the cards business of MCC. —DORIS DUMLAO-ABADILLA