Metrobank forges credit card tieup with ANZ Bank

Metropolitan Bank and Trust Co. (Metrobank) has completed its credit card joint venture with the Australia and New Zealand Banking Group Ltd. (ANZ) when it sold 141 million shares of its credit card subsidiary for an undisclosed amount.

Metrobank Card Corp. (MCC) will become a joint venture with ANZ Funds Pty. Ltd. as the 141 million shares represent 40 percent of MCC’s total outstanding shares. MCC is a subsidiary of Metrobank while ANZ Fund is a subsidiary of the ANZ Group.

"The joint venture would combine Metrobank’s nationwide and international branch network and exclusive access to its extensive customer base with ANZ’s technology and card expertise," Metrobank said in a statement.

Based on its working agreement, the joint venture will have exclusive rights to issue and acquire credit card products to Metrobank customers, and Metrobank will have exclusive rights to market banking products to MCC customers.

In a separate statement, ANZ managing director for consumer finance Brian Hartzer said leveraging the complementary strengths of ANZ and Metrobank through the joint venture was strategically attractive for both organizations.

"The combination of Metrobank’s customer base and distribution channels coupled with ANZ’s cards expertise creates an opportunity to develop the Philippines’ best credit card business," Hartzer said.

The investment represents a step by ANZ in the establishment of a small portfolio of lower-risk, growth options in Asia over the medium to long term.

Metrobank executive vice president Arthur Ty said that the joint venture "creates a distinct top-tier credit card business in the Philippine market with unique growth potential."

Paul Skiadas, ANZ head of international electronic banking, will assume the position of executive director of MCC.

ANZ is a leading financial services company with four million retail and business customers with total assets of A$183 billion. It is Australia’s leading credit card issuer with 3.8 million cards on issue.

These include ANZ’s market leading co-brand credit card, the Qantas ANZ Visa Card, and its new chip-based credit card, ANZ First.