Metrobank credit card arm raises P3 billion

MANILA, Philippines - George S. K. Ty-led Metrobank Card Corp. raised P3 billion from the issuance of three-year fixed rate notes, which was twice oversubscribed, for its programs and ongoing development initiatives, its president Claire Ann Yap said in a statement. Metrobank Group investment banking arm First Metro Investment Corp. facilitated the note facility agreement between Metrobank Card and nine leading local banks. "Metrobank Card is pleased with the interest and response shown by our investors. Tapping the peso debt market as a funding source has allowed us to exceed our target issue size," Yap said. "The support of nine leading banks, participating as noteholders, also proves the strength and leadership associated with the Metrobank brand. We thank all participating noteholders and First Metro for partnering with us. It is through the confidence in Metrobank Card that we strive to expand and provide even better products and services that effectively address the needs of our market," she added. Metrobank Card is a joint venture between the Metrobank Group and Australia and New Zealand Banking Group Limited (ANZ). "First Metro is proud to have served as issue manager for this transaction, and stays true to its commitment to helping organizations such as Metrobank Card realize its strategies and meet growth objectives," First Metro Investment Executive Vice President Roberto Juanchito Dispo said. - GMANews.TV