Metropolitan Bank and Trust Company (Metrobank) was established by a group of businessmen on September 5, 1962 at the Wellington Building in Binondo, Manila. In August 1963, the bank’s first branch was established in Divisoria. Four years later, Metrobank opened its Davao branch, the bank’s first provincial branch. At the onset of the 70s, Metrobank opened its first international branch in Taipei. The Central Bank, on April 1977, authorized Metrobank to operate a Foreign Currency Deposit Unit (FCDU). In the same year, branches and offices totaled 100 and the bank inaugurated its new Head Office at Metrobank Plaza in Makati.
On August 21, 1981, the Central Bank authorized Metrobank to operate as a universal bank. Following the grant of the universal banking license, Metrobank entered the following ventures: the acquisition of majority ownership of Philippine Savings Bank (the second largest savings bank in the country at that time); the establishment of a joint travel agency venture with Thomas Cook Group in Thomas Cook Phils.
, Inc. in 1986; and the tying-up with Toyota Motor Corporation of Japan and Mitsui to put up Toyota Motor Philippines in 1988. Metrobank subsequently entered into joint ventures with several renowned corporations like Sumitomo Mitsui Banking Corporation of Japan to create Sumigin Metro Investment Corporation; the National Mutual Holdings Ltd. of Australia to create Philippine AXA Life Insurance Corporation; and the ORIX of Japan to create ORIX Metro Leasing and Finance Corporation.
The Old Metrobank Logo used until 2009
In September 1982, the number of Metrobank branches, offices and subsidiaries surpassed the 200 mark. A year later, Metrobank topped the entire private domestic bank in total resources with P8.8 billion. The bank continued to experience steady growth through the years and in September 1989, it increased its authorized capital stock from P2 billion to P5 billion. The bank’s total capital funds on June 30, 2006 stood at P57.3 billion. Its consolidated resources amounted to P588.1 billion as of the same period. As of June 2007 assets reached P669.1 billion ($14.5 billion) (P46=$1).
Metrobank’s subsidiaries are Toyota Motor Philippines Corporation, Philippine Savings Bank, First Metro Investment Corporation, Metrobank Card Corporation, ORIX Metro Leasing and Finance Corporation, SMBC Metro Investment Corporation, First Metro Travelex (formerly Thomas Cook (Phils.)), Philippine AXA Life Insurance Corporation, Mirant Global Corporation, Philippine Charter Insurance Corporation, MBTC Technology, Inc., Toyota Financial Services Corporation, Toyota Cubao, Inc., Toyota Manila Bay Corporation, First Metro Securities Corporation, First Metro International Investment Co. Ltd., Metropolitan Bank (Bahamas) Ltd., MB Remittance Center Inc. (USA), Metro Remittance Singapore, Metro Remittance UK Limited, Metro Remittance (Italia) SpA, Metro Remittance S.A. (Spain) and MBTC Exchange Services GmbH (Austria).
The Metrobank Group has a combined network of over 800 local and international branches/offices, remittance offices and subsidiaries worldwide. It has 557 domestic branches and 32 offices in New York, Hong Kong, Tokyo, Osaka, Seoul, Pusan, Guam, Taipei, Kaohsiung, Madrid, Barcelona, Vienna, Rome, Bologna, Milan, Singapore, Chicago, Hawaii, and Shanghai. On September 28, 2009, Metrobank is the first local bank to offer a line of CNY denominated offerings
B. Company Profile
Founded in September 5, 1962, Metropolitan Bank & Trust Co. (Metrobank) has since become the premier universal bank and among the foremost financial institutions in the Philippines. It offers a full range of banking and other financial products and services, including corporate, commercial and consumer banking, as well as credit card, remittances, leasing, investment banking and trust banking. Metrobank currently spans a consolidated network of over 1,400 ATMs nationwide; over 760 domestic branches; and 38 foreign branches, subsidiaries, and representative offices. II. Investment
Investment is the action or process of investing money for profit or material result or a thing that is worth buying because it may be profitable or useful in the future.
B. Investment Procedures
Described here are the norms, infrastructure, standards, and procedures by which we can continually safeguard customer information and ensure its confidentiality, with your help, subject to the limitations prescribed in Section V (Limit on Liability) of the Terms and Conditions for Individual customers and Section XI (Limit on Liability) of the metrobankdirect Memorandum of Agreement for Corporate customers. In order to help you clearly understand our commitment in keeping the privacy of your information and upholding the security of your transactions, please note that the words “we”, “us”, and “our” refer to Metropolitan Bank and Trust Company (Metrobank), the flagship company of the Metrobank Group. The words “you” and “your” refer to the individual/s or corporate customer/s who opened and maintain/s one or more account/s with Metrobank and enrolled in metrobankdirect.
Cite this essay
Assessment of the Investment Procedures of Metrobank. (2017, Feb 13). Retrieved from https://studymoose.com/assessment-of-the-investment-procedures-of-metrobank-essay