Metrobank investment arm plans to go public

The First Metro Investment Corp. (FMIC), the investment arm of the Metropolitan Bank and Trust Co. (Metrobank) Group, is planning to go public by early next year, according to Metrobank president Antonio Abacan.

In an interview, Abacan said this move will be part of the intensive reengineering program of the group, which will allow them to have a listed universal bank and a listed commercial bank.

"We might include First Metro as one of our listed companies," he said, adding, however, that the listing of their investment company might not be appropriate this year due to the continued weakness in the stock market.

"In due time, we will list the shares of First Metro. But, I think not this year," he said.

FMIC has assets of P6.84 billion in 1998, up from P6.26 billion in 1997. Metrobank's infusion of P600 million in additional equity shored up the company's capital funs to P2.72 billion.

The company managed to increase its earnings with P336.7 billion in 1998 from its P41 million net income in 1997.

Aside from FMIC, the Metrobank Group has interests in Philippine Savings Bank, Global Business Bank, Sumigin Metro Investment Corp., The Unicard Corp., and First Metro Leasing and finance Corp.

The group also recently acquired majority stake of Asian Banking Corp. and Philippine Banking Corp. (Philbank).

Abacan said they would merge newly-acquired Philbank with that of Global Business Bank and rename the surviving financial institution to Global Philbank.

He said their acquisition efforts would allow the Metrobank Group to strengthen its position in the local banking industry as well as in the international front.

Metrobank is currently working out the purchase of another 40 percent of Solid Banking Corp. after it acquired about 50.06 percent of the Madrigal family in the bank.

Abacan said they are threshing out some minute details for the purchase of the 40 percent stake of the Canadian group, Bank of Nova Scotia, in Solidbank.