Metrobank completes Globalbank deal

The Metropolitan Bank and Trust Co. (Metrobank) has finally acquired Global Business Bank under a swap deal in which Globalbank minority shareholders may choose to own newly-issued Metrobank shares or exchange their Globalbank shares for Metrobank shares held by Metrobank subsidiaries or affiliates.

The listed name Globalbank will be renamed Metrobank Card Corp., which will take over the business of the Unibancard Corp.

Early this year, Metrobank acquired 15 branches Globalbank and transferred them to subsidiary thrift bank, PSBank. It then took over operations since it already controlled majority of Globalbank’s equity.

With the acquisition, the assets of Metrobank will reach P446.256 billion, making it one of the biggest in Asia. Prior to the merger, Metrobank’s assets stood at P386.646 billion. – Ted Torres