‘Business as usual:’ Metrobank to comply with BSP sanction over fraud case
They can well afford the additional reserves prescribed by the regulator.
Metropolitan Bank & Trust Company (Metrobank) has accepted the sanctions imposed by the Bangko Sentral ng Pilipinas (BSP) over the P1.75-billion internal fraud case engineered by a former bank executive.
In a disclosure, the bank owned by bilyonaryo George Ty said concerned directors and executives will heed the suspension ordered by the regulator for their failed oversight on the shady loans being prepared by ex-Vice President Maria Victoria Lopez, who has reportedly pocketed at least P900 million.
“The board and senior management accept accountability and command responsibility for the incident and commits to implementing the directives,” the bank said in a statement, while noting that they are on “business as usual” mode.
No depositor has been affected and no other bank official is directly involved, Metrobank added.
“With P2.0 trillion in assets and P210 billion in equity, MBTC is in a strong position to set aside P4.45 billion of capital reserve in line with the BSP’s directive,” the bank said.