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Metrobank to merge credit card unit into itself

Philippines-based Metropolitan Bank & Trust Co., or Metrobank, plans to merge wholly owned subsidiary Metrobank Card Corp. into itself.

The move will allow the lender to become more competitive in the credit card business, as well as enhance synergy, raise profitability and improve capital efficiency.

The merger is subject to shareholder approval on April 24. Upon obtaining shareholder approval, the company will seek regulatory approval.