MANILA, Philippines — Stockholders of Ty-led Metropolitan Bank & Trust Co. (Metrobank) have approved the plan to absorb the bank’s wholly owned credit card unit to increase profitability and improve capital efficiency. The bank’s stockholders representing at least two-thirds of the outstanding capital stock ratified the merger of Metrobank Card Corp. (MCC) into Metrobank during a meeting last Wednesday. The proposed transaction would unlock the value of MCC by increasing profitability as well as improving capital efficiency, synergy, and cross-sell, enabling Metrobank to be more competitive in the credit card business. MCC, formerly known as Unibancard Corp. established in 1985, is the leading provider of credit cards in the Philippines with more than 1.5 million cards in force based on data obtained from the Credit Card Association of the Philippines. Metrobank, founded by the late taipan taipan George SK Ty, spent P14.8 billion to buyout the 40 percent stake of its joint venture partner, ANZ Funds Pty.

Source: Philippine Star April 25, 2019 16:01 UTC