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Metrobank closes acquisition of ANZ stake in Metrobank Card

Metropolitan Bank & Trust Co., or Metrobank, closed its acquisition of the remaining 20% stake in Metrobank Card Corp. held by Australia & New Zealand Banking Group Ltd., making the credit card firm its wholly owned subsidiary.

The Philippine lender purchased 200,000,000 shares in Metrobank Card from ANZ unit ANZ Funds Pty. Ltd. at 37 pesos apiece, or a total of 7.4 billion pesos, according to a Sept. 4 filing.

Prior to the deal completion, Metrobank held an 80% stake in Metrobank Card, while ANZ Funds owned the remaining 20%.

Metrobank obtained central bank approval for the takeover of the credit card firm in December 2017.

As of Sept. 4, US$1 was equivalent to 53.68 Philippine pesos.