Metropolitan Bank and Trust Company
From Wikipedia, the free encyclopedia
| Metropolitan Bank and Trust Company | |
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| Type | Public (PSE: MBT) |
| Founded | Manila, Philippines (1962) |
| Headquarters | Makati City, Philippines |
| Key people | Antonio S. Abacan, Jr., Chairman Arthur V. Ty, President |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Net income | P3.615 billion PHP ( 4%) (2004) [1] |
| Employees | 10,759 |
| Website | www.metrobank.com.ph |
The Metropolitan Bank and Trust Company (PSE: MBT), commonly known as Metrobank (Chinese: 首都銀行), is the largest bank in the Philippines in terms of assets with P669.1 billion ($14.5 billion) (P46=$1) as of June 2007 and is also the largest Philippine bank in terms of overseas presence. It has a diverse offering of financial services, from regular banking to insurance.
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[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 Bank 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 Leasing and Finance Corporation 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.
[edit] 45th Anniversary
On Sepember 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 Ceasar Saloma of UP Diliman.[1]
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] 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
- First Metro Investment Corporation
- First Metro Securities Brokerage Corporation
- First Metro Travelex
- MBTC Technology
- Metrobank Card Corporation
- Orix Metro Leasing and Finance Corporation
- Philippine AXA Life Insurance Corporation
- Philippine Charter Insurance Corporation
- Philippine Savings Bank
- SMBC Metro Investment Corporation
- Toyota Cubao
- Toyota Financial Services Philippines Corporation
- Toyota Manila Bay Corporation
- Toyota Motor Philippines Corporation
[edit] International subsidiaries and affiliates
- 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
[edit] Ownership
- George S.K. Ty: 18.26%
- Philippine Depository and Trust Corporation: 17.96% (11.47% Filipino, 6.49% foreign)
- Federal Homes: 7.53%
- Philippine Securities Corporation: 7.5%
- Mary Vy Ty: 6.43%
- Metrobank directors: 3.75%
- Metrobank officers: 0.003%
- Public stock: 37.57%
[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] References
[edit] See also
- BancNet (the Metrobank ATM network)
- List of banks in the Philippines
[edit] External links
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