Metrobank ties up with HK-based Bank of East Asia

Metropolitan Bank and Trust Co. (Metrobank) has tied up with the Bank of East Asia Ltd. (BEA), the largest independent Hong Kong-based bank, allowing the Philippine bank giant greater access to the mainland China and Hong Kong markets.

Officials said the business cooperation agreement between the two banks would allow them to explore opportunities for developing business in the vast Chinese market, as well as in the Philippine market.

"The cooperation framework enables Metrobank to expand its international reach and respond to rising demand from its corporate customers for banking and related services in China," Metrobank president Antonio S. Abacan Jr. said in a statement.

Abacan added that BEA, through its well-established branch network in China, offers a comprehensive range of banking services including company accounts, renminbi and US dollar loan facilities, remittance, trade finance, project finance, and consultancy services.

On the other hand, Metrobank will provide financial services to BEA customers doing business in the Philippines. Metrobank is the country’s largest bank network whose client base ranges from the high-end to the middle and corporate market.

BEA chairman and chief executive officer David K.P. Li was also quoted saying that they are prepared to assist Metrobank clients in Hong Kong and complement the activities of its Shanghai branch.

In China, Metrobank has a branch in the financial and commercial hub in Shanghai, the first and only Philippine bank authorized by the Chinese government.

It has served as an important link to China’s huge market for its clients doing business or wanting to do business in China. Metrobank also has a branch and subsidiary offices in Hong Kong, as well as an office in the Beijing capital.

Established in 1918, BEA is the largest independent local bank in Hong Kong with total assets of HK$189 billion ($24.3 billion) as of end-June 2003. It has an international reputation as a professionally managed and prudent financial institution that understands customer needs.

It operates a total of 101 branches in Hong Kong, 19 outlets in Greater China and maintains a strong presence in the US, Canada, the United Kingdom, the British Virgin Islands, and Southeast Asia. BEA offers a full range of wholesale and retail banking services covering corporate banking, personal banking, investment banking, as well as comprehensive business, and corporate and investor services.