1970-01-01 08:33:28
The largest Philippine bank Metropolitan Bank and Trust Co (Metrobank) will expand its presence in China as Chinese monetary authorities approved the lender's proposal to establish a sub-branch in the Shanghai business district.
While Metrobank already has a full operating branch in Shanghai, the approval to put up a sub-branch increases the bank's opportunities to open full branches in other provinces or cities anywhere else in the Chinese mainland.
Metrobank is the only Philippine bank that has an operating full branch license in China.
Metrobank executive vice president Carmelita R. Araneta said the opening of more branches and sub-branches provides greater opportunities for the Ty-led universal bank. A sub-branch allows for basic banking services such as deposit taking, lending, trade banking and remittances.
"It is a good preparation for further expansion into China," Araneta said.
China plans to fully deregulate its banking system by 2010, allowing foreign banks to operate subsidiaries and offer full banking services.
Araneta revealed that another prime source of their overseas business are money transfers from Chinese nationals located in other parts of the globe going to beneficiaries or recipients in the mainland.
The China expansion is just part of the international expansion program of Metrobank.
Metrobank president Arthur Ty said the bank will continue to build on its key strengths and key strategies not only to corporates, the middle market, the small and medium enterprises (SME) and the consumer lending market. The remittance and overseas business is also an integral part in its key strategies.
"Our foreign offices have capitalized on our efforts to establish more partnerships, improve sales, and maximize the reach of our domestic branch network. Total remittances last year alone reached over $3.5 billion," Ty said.
Metrobank relies principally on its 557 branch network and the 150 branches of sister company, the Philippine Savings Bank (PSBank) for domestic distribution.
Source:Agencies