Metrobank establishes ties with Korean bank

MANILA, Philippines - Metropolitan Bank & Trust Co. (Metrobank), the country’s largest bank, has forged a tie-up with Korean bank, Hana Bank, in a bid to grow its remittance market share in South Korea. In a statement, the George S.K. Ty-owned bank said the partnership will allow it to offer products and services to Filipinos working in the Korean peninsula and who are not covered by the bank’s existing branches in Seoul and Pusan. Hana Bank is the third largest bank in South Korea, with 124 trillion South Korean won, or about $135 billion, worth of assets. It has a 625-strong branch network. "Hana Bank is a major player in (Korea) and with this tie-up we expect to increase our market share in the area," Metrobank executive vice president Carmelita Araneta said in a statement. In the first quarter, Metrobank reported cornering $1.04 billion in remittances, or more than a quarter of the $3.95 billion total remittance market. The amount was equivalent to a 28% growth from $813.18 million worth of funds coursed through it during the same period last year. - BusinessWorld