Metropolitan Bank & Trust Co. will be taking full control of its credit card subsidiary, on Thursday announcing the buyout of Australia’s ANZ Funds Pty. AdvertisementsThe Metrobank Card Corp. (MCC) joint venture was formed in 2003 with Metrobank taking a 60-percent share and ANZ the remaining 40 percent. “The joint venture arrangement has created a lot of value for both partners as we transformed MCC into the number one credit card company in the Philippines. Data from the Credit Card Association of the Philippines showed MCC with over 1.5 million cards in use. We expect to leverage on better operational efficiencies as we eventually make MCC a wholly-owned subsidiary of Metrobank,” Dee added.

Source: Manila Times October 19, 2017 18:00 UTC