Metropolitan Bank & Trust Co., or Metrobank, received regulatory approval for its proposed acquisition of Australia & New Zealand Banking Group Ltd.'s stake in Philippines-based Metrobank Card Corp.
The Philippine central bank approved the deal on Dec. 28, Metrobank said. ANZ holds a 40% stake in the credit card joint venture through its subsidiary ANZ Funds Pty. Ltd. The remaining 60% stake is held by the Philippine-based lender.
Under the two-step deal, Metrobank will acquire half of ANZ's stake in the credit card joint venture for 7.40 billion Philippine pesos. Sale of the remaining 20% will be completed by the third quarter of 2018 on the same terms, the bank said.
As of Dec. 28, US$1 was equivalent to 49.87 Philippine pesos.