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.”