These remittance companies include Metro Remittance Center, S.A. in Spain with another office in Barcelona, Metro Remittance Center (Italia) S.p.A. in Italy with offices in the key cities of Rome, Milan and Bologna, Metro Remittance UK in London, and MBTC Exchange Service GmbH in Vienna, Austria.
The setup will further strengthen Metrobank’s remittance business in Europe and allow the bank to tap new markets for its other products and services.
Carmelita R. Araneta, head of the International Offices and Subsidiaries group, reported that this move enabled Metrobank to offer prompt and enhanced services to Filipino and Chinese markets in the region.
Araneta added, "The consolidation contributed significantly to the increase in remittances from Europe."
The bank reported double digit growth in volume and value of European remittances in 2005. Araneta disclosed that they also expect more business as a result of increased marketing efforts in the said areas.
In Spain, for example, Metrobank embarked on aggressive marketing activities within the Chinese and Filipino communities.
"This involves regular visits to far-flung areas where Filipino and Chinese nationals are established and the bank’s active participation in Filipino community sponsored events," explained Araneta.
To generate more remittance volume in Italy, Metrobank is maximizing its marketing mileage and bringing its remittance services closer to Filipinos through the relocation of Metro Remittance (Italia) S.p.A. Rome to its new address in Via del Viminale 43, Rome. Strategic alliances and tie-ups have also been formed with local Italian banks for easier access by remitters.
"We have established strong linkages with local banks in Europe and so far our strategic alliances have worked well for our customers," Araneta said.
Metrobank currently enjoys market leadership in cities where it has presence and aggressively continues to develop remittance markets across the globe. To-date, Metrobank has 35 international branches and offices in Taiwan, Shanghai, Japan, Korea, Guam, the United States, Hong Kong, Singapore, and the Bahamas, including the European operations.