Metrobank lends P5B to Smart to fund expansion

Metropolitan Bank and Trust Co. (Metrobank) the country's largest bank, said on Tuesday it will lend P5 billion to Smart Communications Inc. to help finance the mobile phone firm's capital expenditures. "This is the largest deal Metrobank has underwritten for any corporate borrower in recent history," Metrobank president Arthur Ty said. First Metro Investment, Metrobank's investment arm, is the sole arranger of the term loan. Smart Communications, the country's leading mobile phone firm, is a wholly-owned subsdiary of Philippine Long Distance Telephone Co. (PLDT). "There is still room for growth in the business as we continue to expand the range of our products and services. Smart is no longer just a cellular company, we are going broadband," Nazareno said. - GMANews.TV