Metropolitan Bank and Trust Company

From Wikipedia, the free encyclopedia

Jump to: navigation, search
Metropolitan Bank and Trust Company
Type Public (PSE: MBT)
Founded Manila, Philippines (1962)
Headquarters Makati City, Philippines
Number of locations 552 domestic, 8 foreign branches
803 ATMs
Key people Antonio S. Abacan, Jr., Chairman
Arthur V. Ty, President
Industry Finance and Insurance
Products Financial Services
Net income P3.615 billion PHP (Green Arrow Up.svg4%) (2004) [1]
Employees 10,759
Website www.metrobank.com.ph

The Metropolitan Bank and Trust Company (PSE: MBT), commonly known as Metrobank. It has a diverse offering of financial services, from regular banking to insurance.

Contents

[edit] 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 Davao branch, the bank’s first provincial branch. At the onset of the 70s, Metrobank opened its first international branch in Taipei.

The Central Bank, on April 1977, 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 the 200 mark. A year later, Metrobank topped all the private domestic bank in total resources with P8.8 billion.

The bank continued to experience steady growth through the years and in September 1989, it increased its authorized capital stock from P2 billion to P5 billion. The bank’s total capital funds on June 30, 2006 stood at P57.3 billion. Its consolidated resources amounted to P588.1 billion as of the same period. As of June 2007 assets reached P669.1 billion ($14.5 billion) (P46=$1).

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., 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 28, 2009, Metrobank is the first local bank to offer a line of CNY denominated offerings. [1]

[edit] 45th Anniversary

On September 5, 2007, Metrobank will celebrate its 45th anniversary and Philippine President Gloria Macapagal-Arroyo will give the awards to the country’s 10 outstanding teachers for 2007. Metrobank Foundation’s yearly Search for Outstanding Teachers (SOT) aims to recognize exemplary teachers. Named as outstanding elementary school teachers were Ateneo de Manila grade school teacher Fredo Laureles; public school teachers Jeneluj Cunanan of Lanao Central Elementary School in Kidapawan City; Madeline Rivera of San Pablo Central School in San Pablo City, Laguna; and Leticia Palle of Malaybalay City Central School in Malaybalay City, Bukidnon; chosen outstanding high school teacher awards are Glendale Lamiseria of Dulag National High School in Leyte; Ruben Abucayon of Alegria National High School in Surigao del Norte; Norma Pacalgue of Novaliches High School in Quezon City; and Cynthia Bangero of Barotac Viejo National High School in Iloilo; chosen as outstanding college teachers were Benilda Santos of Ateneo de Manila and Caesar Saloma of UP Diliman.[2]

Dr. George SK Ty, former chairman of Metrobank, along with his eldest son, Arthur V. Ty; Zandra M. Ty, Arthur's wife, and the children recently lives at Forbes. Ty's oldest grandson wishes to be Metrobank's president someday.

[edit] Lehman Brothers' exposure

On September 17, 2008, Bangko Sentral ng Pilipinas Governor Amando 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 P 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]

[edit] Subsidiaries and affiliates

Metrobank is divided into the following subsidiaries and affiliates, which are listed depending on their location of operation:

[edit] Domestic subsidiaries and affiliates

[edit] International subsidiaries and affiliates

[edit] Ownership

[edit] Competition

Metrobank, as the largest Philippine bank, is always trying to stave off competition to stay as the country's largest bank. Its main competitor is Bank of the Philippine Islands (BPI), but other major competitors include Rizal Commercial Banking Corporation (RCBC), Banco de Oro (BDO), Land Bank of the Philippines, and Philippine National Bank.

[edit] See also

[edit] References

  1. ^ INQUIRER.net, Bank offers Chinese currency services
  2. ^ Abs-Cbn Interactive, RP’s top 10 teachers named in Metrobank awards
  3. ^ monstersandcritics.com, Philippine banks set aside funds after Lehman collapse
  4. ^ afp.google.com, Philippines banks set provisions for Lehman exposure
  5. ^ reuters.com, Philippines' BDO says exposure to Lehman at $134 mln
  6. ^ business.inquirer, 7 Philippine banks have $386M in exposure to Lehman

[edit] External links

v • d • e
Flag of the Philippines.svg   Banks of the Philippines
Universal banks

Al-Amanah Islamic Bank · Allied Bank · BDO · BPI · Chinabank · DBP · Landbank · Metrobank · PNB · RCBC · Security Bank · UnionBank · UCPB
Commercial banks
Other banks
v • d • e
Flag of the Philippines.svg PSE Composite Index companies of the Philippines
Retrieved from "http://en.wikipedia.org/wiki/Metropolitan_Bank_and_Trust_Company"