GMA to open 2nd Metrobank branch in Shanghai, China

SHANGHAI, China (Via PLDT) – President Arroyo will ceremonially open tomorrow the second branch of the Metropolitan Bank and Trust Co. (Metrobank), the first Philippine bank in the People’s Republic of China.

The President, who is here to attend the 9th Asia-Pacific Economic Cooperation (APEC) Leaders’ Summit, is the principal guest of the inauguration rites of Metrobank .

The highlight of the event will be the unveiling of the marker to be placed in this latest international branch of Metrobank which todate has 822 local and international branches and offices.

President Arroyo will be assisted in the inaugural by Metrobank chairman George S.K. Ty, vice chairman Placido Mapa Jr. and Metrobank president Antonio S. Abacan.

The newest Metrobank branch is located at 1203 Marine Tower in Pudong Avenue, here in Shanghai and is headed by FVP Duncan Wang as general manager.

The opening of this 15th foreign branch of Metrobank is part of the reciprocity agreement entered into by the governments of the Philippines and China which also allows a Chinese bank to set up a branch in the Philippines.

Aside from Shanghai, Metrobank also has foreign branches in New York, Los Angeles, San Francisco, London, Guam, Hong Kong, Beijing, Taipei and Kaohsiung in Taiwan, Tokyo, Seoul and Pusan in South Korea.

Metrobank was established in 1962 in Binondo, Manila by a group of Filipino-Chinese businessmen led by Ty who is the single biggest shareholder of the bank.

The Metrobank Group has acquired majority ownership of Philippine Banking Corp. (Philbank), the Asian Banking Corp. (Asianbank), and Solidbank.

Metrobank, through its expanding bank network, is also one of the leading Philippine multinational corporations which conducts sponsorships every year on the search and awarding of outstanding teachers, policemen, soldiers and other socio-civic activities in the performance of its corporate social responsibility.