Philippine lender Metrobank gets nod to buy out credit card JV partner ANZ

Metrobank visual from Vista Malls website.

Philippine-listed banking giant Metropolitan Bank & Trust Company (Metrobank) has secured the apex bank approval to complete the acquisition of 20 per cent stake in Metrobank Card Corp (MCC) from its joint venture partner ANZ Funds Pty Ltd. Metrobank will pay P7.4 billion ($148 million) for the stake.

Metrobank made the announcement after it obtained approval from the Bangko Sentral ng Pilipinas, the country’s central bank, to proceed with its acquisition of a 40% stake in MCC from ANZ.

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