Metrobank expands remittance services

MANILA, Philippines - Metropolitan Bank & Trust Co. (Metrobank), the country’s largest bank, has inked an agreement with a Saudi Arabian bank for a remittance service tie-up seen to boost Metrobank’s presence in the Middle East. In a statement to the Philippine Stock Exchange, Metrobank said it signed an agreement with the National Commercial Bank (NCB), the first bank established in Saudi Arabia and the largest bank in terms of capital both in Saudi Arabia and in the Middle East. "This partnership with NCB will strengthen Metrobank’s presence in the Middle East, particularly in Saudi Arabia," said Metrobank Executive Vice President and International Offices and Subsidiaries Group head Carmelita Araneta. "NCB is a major player in the area and with this tie-up we are confident we can increase our penetration in the region." Under the agreement, Metrobank will be fulfilling the operations of NCB’s Philippine-bound "NCB-QuickPay" transactions by distributing the overseas remittances from Saudi Arabia to their respective beneficiaries here in the country. The modes of payment available are credit-to-Metrobank accounts, cash pick-up transactions at Metrobank branches and door-to-door cash delivery. Metrobank has a combined network of over 800 local and international branches, remittance offices and subsidiaries worldwide. In Saudi Arabia, it has six partner banks that serve as its remittance offices. Saudi Arabia and the United Arab Emirates are among the country’s major sources of remittances, which the Bangko Sentral ng Pilipinas estimates to reach $15.7 billion this year. Metrobank, owned by George Ty, reported a consolidated unaudited net income fof P7.04 billion in 2007 with net interest earnings rising to P21.45 billion on increased loan volume. - BusinessWorld