Metrobank to buy out partner ANZ in credit card firm
Metropolitan Bank and Trust Co. is buying out its partner in Metrobank Card Corp. (MCC) in line with its capital planning initiatives.
The bank has approved the acquisition of ANZ Funds Pty Ltd’s 40 percent stake in MCC, one of the leading credit card companies in the country and ranks first in the Credit Card Association of the Philippines in terms of cards in force and receivables.
Metrobank said the acquisition would be done in two phases. It will initially purchase 20 percent or 200 million shares of MCC for P7.4 billion or P37 each share. This will boost Metrobank’s stake in MCC to 80 percent.
The George Ty-led bank intends to purchase the remaining 20 percent by the third quarter of 2018 on the same terms.
In 2003, Australia and New Zealand Banking Group Ltd through wholly-owned subsidiary, ANZ Funds entered into a joint venture with Metrobank for operation of the cards business of MCC.
The purchase will allow Metrobank to recognize additional earnings from MC and improve operational efficiencies.