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Metrobank (Philippines)

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Metrobank
Native name
Chinese: 首都銀行; Pe̍h-ōe-jī: Siú-to͘ Gûn-hâng
Company typePublic
PSE: MBT
IndustryFinance and insurance
FoundedSeptember 5, 1962; 62 years ago (1962-09-05) in Binondo, Manila, Philippines
FounderGeorge Ty
Headquarters
Gil Puyat Avenue, Makati
,
Philippines
Number of locations
957 branches[1]
2,345 ATMs[1]
Key people
ProductsConsumer banking
Corporate banking
Insurance
Investment banking
Mortgage loans
Private banking
Mutual fund
Wealth management
Credit card
Finance lease
Revenue₱121.9 billion (2020[1])
₱13.83 billion (2020[1])
Total assets₱2.46 trillion (2020[1])
Number of employees
13,150Increase (2019[1])
SubsidiariesFirst Metro Investment Corporation
Metrobank Card
PSBank
Orix Metro Leasing and Finance Corporation
Axa Philippines
Capital ratio17.5% [1]
RatingMoody's: Baa2
Fitch Ratings: BBB-
Websitewww.metrobank.com.ph

The Metropolitan Bank & Trust Company[a] (Hokkien Chinese: 首都銀行; Pe̍h-ōe-jī: Siú-to͘ Gûn-hâng), trading as Metrobank, is a Filipino bank that as of 2022, was the third largest bank in the Philippines in terms of total assets.[4][5] It offers various financial services, from regular banking to insurance. It is the commercial and retail banking arm of GT Capital Holdings Inc.

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 overseas including in New York, Hong Kong, Tokyo, Osaka, Seoul, Pusan, Guam, Taipei, Kaohsiung, Madrid, Barcelona, Vienna, Rome, Bologna, Milan, Singapore, Chicago, Hawaii, and Shanghai.

History

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Foundation and early years

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Metropolitan Bank & 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 first provincial branch in Davao. In the early 1970s, Metrobank opened its first international branch in Taipei, Taiwan's capital city.

In April 1977, the Central Bank of the Philippines authorized Metrobank to operate a foreign currency deposit unit (FCDU), either to exchange this (FCDU) for that Country Currency Gold Federal Reserves (Central Bank Gold Reserve) value in ratio with Philippine Gold Reserve or direct Currency Exchange with respect to the Gold Standards. 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, 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 establishing Toyota Motor Philippines with Toyota Motor Corporation of Japan and Mitsui in 1988. Metrobank entered into joint ventures with Sumitomo Mitsui Banking Corporation of Japan to create Sumigin Metro Investment Corporation; with the National Mutual Holdings Ltd. of Australia to create Philippine Axa Life Insurance Corporation; and with the ORIX of Japan to create ORIX Metro Leasing and Finance Corporation.

Growth 1982 - 2006

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In September 1982, the number of Metrobank branches, offices and subsidiaries surpassed 200. A year later, Metrobank topped all private domestic banks in total resources, with ₱8.8 billion.

The bank had steady growth through the years. In September 1989, it increased its authorized capital stock from ₱2 billion to ₱5 billion. The bank's total capital funds on June 30, 2006 stood at P57.3 billion. Its consolidated resources amounted to ₱588.1 billion as of the same period. As of June 2007 assets reached ₱669.1 billion ($14.5 billion) (₱46=$1).

In 1990, alongside Chinabank, Citibank Philippines, RCBC and Security Bank, Metrobank become a founding member of BancNet.

In May 2000, Metrobank acquired Solid Banking Corporation (Solidbank) from a joint consortium led by the Madrigal family and Canada-based Bank of Nova Scotia (Scotiabank), with Metrobank as the surviving entity. as a result, all Solidbank branches along with Solidbank Mastercard will be merged with Metrobank, while some most of Solidbank's remaining assets also merged with Metrobank's subsidiary, First Metro Investment Corporation.[6][7]

Metrobank's created or acquired a number of subsidiaries including 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., Robert Browns Wear Inc (Moose Gear & Moose Girl Apparel), 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).

Lehman collapse 2008

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A Metrobank branch in Pulilan, Bulacan

On September 17, 2008, Bangko Sentral ng Pilipinas Governor 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 ₱2.4 billion ($51.28 million) in loans to a Philippine-based subsidiary of the US investment bank.[8][9] 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.[10][11]

Australian investment and expansion 2009 - present

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On September 28, 2009, Metrobank is the first local bank to offer a line of CNY denominated offerings.[12]

In 2017, Metrobank made a deal with ANZ to increase its stake at Metrobank Card Corp. (MCC) from 60 percent to 100 percent. Metrobank's joint venture with ANZ was formed in 2003. Since then, MCC has become a leading provider of credit cards in the Philippines, with more than 1.5 million cards based from the data of the Credit Card Association of the Philippines (CCAP). MCC reported total assets of ₱60.4 billion and a return on average equity of 36.3 percent. MCC is also number one in terms of receivables based on CCAP data.[13] ANZ, on their part, announced that they would sell half of their 40% stake at MCC for US$144 million and had an option to sell the remaining 20% stake to Metrobank on the same terms, which would be exercisable in the fourth quarter of the 2018 fiscal year.[14]

In 2023, the bank announced that the Metrobank Plaza will be demolished and will be replaced by a modern skyscraper.[15]

Subsidiaries and affiliates

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

Domestic subsidiaries and affiliates

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  • First Metro Investment Corporation
  • First Metro Securities Brokerage Corporation
  • First Metro Travelex
  • Manila Doctors Hospital
  • Manila Tytana Colleges (formerly Manila Doctors College)
  • Metrobank Card Corporation (formerly Unibancard Corporation)
  • Orix Metro Leasing and Finance Corporation
  • Philippine Axa Life Insurance Corporation
  • Charter Ping An Insurance Corporation
  • Philippine Savings Bank
  • SMBC Metro Investment Corporation
  • Toyota Cubao Inc.
  • Toyota Financial Services Philippines Corporation
  • Toyota Manila Bay Corporation
  • Toyota Motor Philippines Corporation
  • Amorlaida Company
  • Moose Gear and Moose Girl

International subsidiaries and affiliates

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  • First Metro International Investment Corporation Ltd. HK
  • MBTC Exchange Service GmbH - Vienna
  • MB Remittance Center HK
  • Metro Remittance Center SA - Spain
  • Metro Remittance (Italia) SpA
  • Metro Remittance Singapore Pte Ltd
  • Metro Remittance (UK) Limited

Ownership structure

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As of September 30, 2020, the following are the major stockholders:[16]

No. Company Proportion in %
1 GT Capital Holdings, Inc. 37.15
2 PCD Nominee (non-Filipino) 23.34
3 PCD Nominee (Filipino) 22.98
Others 16.54

Competition

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Metrobank's main competitors are Sy-led Banco de Oro and Bank of the Philippine Islands (BPI) of the Ayala group. Other major competitors include state-owned Landbank, Lucio Tan-owned Philippine National Bank, Gotianun-led EastWest, Security Bank of the Dy family, Chinabank (partly owned by the Sy and Dee families) and the Rizal Commercial Banking Corporation (RCBC) of the Yuchengco family.

See also

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Notes

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  1. ^ The company's article of incorporation states the company name using an ampersand instead of and.[2] The variant using and is used in some instances including in some legal cases.[3]

References

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  1. ^ a b c d e f g "Annual report" (PDF). metrobank.com.ph. 2019. Retrieved August 19, 2020.
  2. ^ "Amended Articles of Incorporation of Metropolitan Bank & Trust Company" (PDF). Retrieved March 31, 2023.
  3. ^ Metropolitan Bank and Trust Co. v. Cruz et al., G.R. No. 221220, January 19, 2021
  4. ^ "通過PERA HUB網點將現金立即匯至首都銀行賬戶". 菲律賓商報 (Chinese Commercial News). July 20, 2022. Retrieved May 3, 2023.
  5. ^ "Ranking as to Total Assets – Universal and Commercial Bank Group as of 31 December 2023 (Amounts in Million Pesos)". www.bsp.gov.ph. Archived from the original on April 4, 2024. Retrieved April 9, 2024.
  6. ^ "Metrobank completes Solidbank deal". philstar.com. May 11, 2000. Retrieved April 12, 2024.
  7. ^ "Solidbank assets boost First Metro capital to P10 billion". philstar.com. June 2, 2000. Retrieved April 12, 2024.
  8. ^ "Philippine banks set aside funds after Lehman collapse". Monstersandcritics.com. September 17, 2008. Retrieved July 29, 2010.
  9. ^ "Philippines banks set provisions for Lehman exposure". September 16, 2008. Retrieved July 29, 2010.
  10. ^ "Philippines' BDO says exposure to Lehman at $134 mln". Reuters.com. September 19, 2008. Retrieved July 29, 2010.
  11. ^ "7 Philippine banks have $386M in exposure to Lehman". Philippine Daily Inquirer. September 19, 2008. Archived from the original on July 21, 2011. Retrieved July 29, 2010.
  12. ^ "Bank offers Chinese currency services". Philippine Daily Inquirer. September 25, 2009. Archived from the original on September 26, 2009. Retrieved July 29, 2010.
  13. ^ Dumlao-Abadilla, Doris. "Metrobank buying out ANZ's 40% stake in credit card venture". Philippine Daily Inquirer. Retrieved October 20, 2017.
  14. ^ Stewart, Robb (October 18, 2017). "ANZ to Sell Half of Stake in Philippines-Based Metrobank Card Corp for A$184 Million". Fox Business. Retrieved October 20, 2017.
  15. ^ "BIZ BUZZ: Goodbye to Metrobank Plaza". Philippine Daily Inquirer. August 9, 2023. Retrieved August 10, 2023.
  16. ^ "List of Top 100 Stockholders". edge.pse.com.ph. Retrieved January 4, 2021.
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