ANZ Bank posted a six percent rise in interim net profit on the back of restructuring its business to shift the emphasis away from Asia and onto its core assets. / AFP / Saeed Khan/
MANILA, Philippines (AFP) — The Philippines’ second biggest bank said on Thursday it will spend $288 million buying out the minority stake that Australia’s ANZ has in a credit card joint venture.
Metrobank will take over ANZ’s 40 percent share in Metrobank Card Corp. as part of a deal to turn the tie-up into a wholly-owned subsidiary.
Metrobank, short for the Metropolitan Bank and Trust Co., formed the 60-40 joint venture with ANZ in 2003.
Metrobank head of investor relations Joey Mapa said the sale was “a mutual agreement.”
“We feel we are in a position to manage it on our own as it eventually becomes a 100 percent subsidiary,” Mapa told AFP.
Metrobank said the sale would provide it with additional earnings and improve efficiencies between the bank and the credit card company.
“With this transaction, we now have great opportunities to further expand our retail capabilities,” Metrobank president Fabian Dee said in a statement.
ANZ deputy chief executive officer Graham Hodges said in a statement “the sale makes sense for ANZ given our continued efforts to simplify our business.”
© Agence France-Presse