Skip to content

ANZ & Metrobank sign MOU for credit card joint venture

Document date:  Fri 24 Jan 2003
Published:  Fri 24 Jan 2003 12:10:54
Document No:  200249
Document part:  A
Market Flag:  Y
Classification:  Progress Report


HOMEX - Melbourne                                                     

Australia and New Zealand Banking Group Limited (ANZ) and
Metropolitan Bank and Trust Company (Metrobank) today signed a
Memorandum of Understanding to establish a credit card joint venture
in the Philippines.

The agreement would involve ANZ acquiring a stake in Metrobank Card
Corporation, the credit card subsidiary of Metrobank - the
Philippines' largest bank.

The joint venture would combine Metrobank's nationwide and
international branch network and exclusive access to its extensive
customer base with ANZ's technology and card expertise.

Further details of the joint venture are the subject of discussions
between ANZ and Metrobank to be completed by mid-2003.

Mr Domingo Go, First Vice-President of Metrobank, said: "The joint
venture is expected to establish a new foundation for strategic
growth in the Philippine credit card market by leveraging the
complementary strengths of Metrobank and ANZ."

"It is an exciting time for Metrobank. With this development, we are
creating the opportunity to further enhance the position of Metrobank
Card Corporation in the credit card industry," Mr Go said.

"The combination of Metrobank's customer base and ANZ's credit card
experience provides a platform for growth and allows us to play a
substantive role in consumer finance in the Philippines over the
coming years," he said.

ANZ Managing Director Consumer Finance Mr Brian Hartzer said: "This
is a great partnership for ANZ. Metrobank is the leading bank in one
of South East Asia's most significant economies. The Joint Venture
advances our specialist credit card business and extends the Group's
growth options in Asia at low risk."

For media enquiries, contact:

Rita Zonius
Tel: +61-3-9273 6190 or +61-409-655 551

Atty Antonio V Viray
Metropolitan Bank & Trust Company
Tel. +63-2-8923598 or +63-2-8989020


Metropolitan Bank and Trust Company (Metrobank) is the flagship
company of the Metrobank Group. Metrobank provides a full range of
banking and other financial services through its local and
international branches to a wide base of individual clients and
middle-market businesses, and leading Philippine and multi-national

The Metrobank Card Company (MCC), Metrobank's credit card subsidiary,
was established in 1985 and has total assets of approximately AUD65
million. It has a base of around 250,000 cards on issue.

MCC launched its successful secured credit card product, Metrobank
Value Mastercard, in the Philippines and Hong Kong in 2000. In the
same year, MCC purchased AB Card Corporation and integrated the
credit card operations of Solidcard Products Corporation.

Metrobank was established in 1962 in Binondo, Manila, by a group of
businessmen led by Dr George S K Ty who is currently the bank's
chairman of the board. It is now based in Makati City, the
Philippines' premier financial district.