Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


ANZ and Metrobank sign MOU for credit card venture

ANZ and Metrobank sign MOU for credit card joint venture

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.”

© Scoop Media

Business Headlines | Sci-Tech Headlines


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news