Metrobank opens remittance center in Canada

The Metropolitan Bank and Trust Co. (Metrobank) has opened its first remittance office in Canada last Aug. 1. Officially known as Metro Remittance Center Inc. (Canada) Vancouver Office, it is established as a subsidiary of the New York-based Metro Remittance Center Inc. – a wholly owned subsidiary of Metrobank.

In addition to MB New York, other Metrobank branches and offices are also situated in Guam, Hawaii and Chicago.

The new office, located at 4292 Fraser Street, Vancouver, British Columbia, Canada, V5V 4G2, will service the remittance requirements of overseas Filipinos (OFs), reportedly numbering close to half a million. Heading the team is Mabelle C. Sia.

With this opening, Metrobank’s international network has expanded to 29 branches, offices, and subsidiaries spread all around Asia, Middle East and Europe.

It also has numerous tie-ups and over a thousand correspondent banks worldwide.

Meanwhile, Metrobank declared a three-percent cash dividend, or P0.60 per share based on the par value of P20 per share. The dividends will be payable to all stockholders of record as of a date to be fixed by the president after approval by the Bangko Sentral ng Pilipinas (BSP).

Based on the bank’s outstanding capital stock of P32.7 billion, the three percent cash dividend will total P980.2 million.

For 2005, the bank declared a total of five percent cash dividends for a total cash value of P1.6 billion.

"The bank has shown good results so far this year and we’re happy to share some of these gains with our shareholders," Metrobank president Arthur Ty said.

Metrobank is the country’s largest bank in terms of consolidated total assets with P593.9 billion, and the largest lender with P264.3 billion in consolidated net loans end June 2006. Consolidated total deposits hit P442.57 billion from P424.3 billion at year-end 2005.