One of the more important decisions that we have to make in life is, perhaps, choosing a bank. Many would take it for granted and depend on the choice of the parents as they were growing up or whichever bank is designated by one’s employer for its payroll account. In fact, only 56 percent of the bankable population of the Philippines (i.e. 15 years old and above) is considered banked. This is lower than Thailand’s 95.5 percent and India’s 77.3 percent but higher than Indonesia’s 51.7 percent and Vietnam’s 41 percent.
In my almost 50 years as part of the bankable population, I have had only three banks. I started with the Bank of Philippine Islands because of its reputation as the oldest bank in the country. When I joined Toyota Motor Philippines – who was partnered with Metrobank – I decided to transfer my account. If a global company like Toyota can trust Metrobank to be its partner, why shouldn’t I? I also decided to open an account with Citibank because of its international network.
This year marks the 61st anniversary of the Metropolitan Bank and Trust Company (Metrobank). Founded by Dr. George S.K. Ty, the bank first opened its doors to the public on September 5, 1962 at the Wellington Building in Binondo, Manila.
From its humble beginnings, Metrobank was recognized as a universal bank by the Central Bank of the Philippines in August, 1981. In the same year, it was listed on the Philippine Stock Exchange. A year later, the number of Metrobank branches, offices and subsidiaries surpassed 200. The following year, it topped all private domestic banks in total resources, with P8.8 billion.
As of June, 2023, Metrobank now operates 947 domestic branches and over 30 overseas branches, subsidiaries and offices. In support of the vibrant overseas Filipino community, it also maintains over 120 remittance tie-ups and around 160 remittance agents. Importantly, the Metrobank group provides livelihood to over 17,000 Filipinos and overseas associates.
It has as its vision empowering individual and business clients to realize goals and reach their full potential. Their promise of “You’re in good hands” embodies who they are and what they do. Its current (June, 2023) ownership is 48% publicly listed. 37.2 percent is owned by GT Capital Holdings, Inc. while 14.7% is owned by the Ty family and related parties.
Arthur V. Ty assumed the responsibility of Chairman from his father and founder of Metrobank, Dr. George S.K. Ty, who passed away in 2018. Under Arthur Ty’s leadership, the bank has grown from strength to strength. During the COVID-years, Chairman Ty and President Fabian Dee steered the bank through treacherous times characterized by economic turmoil, business and consumer loan defaults and a drying up of revenue streams. Metrobank weathered the crisis driven by a single-minded purpose: to protect and preserve the financial resources and – more imporantly – the trust of its depositors.
With the reopening of the economy, Metrobank has taken a measured and disciplined approach to resuming full operations, taking into account continuing global and geopolitical disruptions. This earned the recognition of regional and global financial vanguards. In 2022, Metrobank was recognized as the Best Bank in the Philippines by Euromoney. It also received awards for Strongest Bank and Bank of the year in the Philippines from The Asian Banker and The Banker, respectively.
As of the first haf of 2023, Metrobank continues its growth story. In line with the step-up in business in the country, the bank reported a loan growth of 9% at PHP 1.4 trillion. There has been a focus on the consumer segment with consumer loans growing by 14%, driven by credit cards at 28% and auto loans by 18%.
Metrobank has also continued its initiatives in contactless banking. As of June 2023, a total of 1.7 million customers have been using its various digital platforms. In fact, downloads of the Metrobank mobile app have grown 43% in the first six months alone. This is helping drive productivity and efficiency in the bank that, ulitmately, redounds to the benefit of its depositors and client base.
Overall, Metrobank is on track with its sustainable growth. In the recent publication of Time Magazine’s “World’s Best Companies 2023”, Metrobank was included as one of only six companies – and two banks – from the Philippines that made the cut. Time Magazine’s assessment for the bank’s revenue growth is high. As if to underscore this, Metrobank posted a record high net income of PHP 32.8 billion in 2022 while in the first half of 2023 alone, it posted a record six-month income of PHP 20.9 billion.
The bank we choose is the bank we trust. When I came back to the Philippines in 2019 after 18 years working overseas, I had to open a new bank account. Of course, my default choice was Metrobank.
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