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METROPOLITAN Bank & Trust Co. is expanding its remittance
business in South Korea.
In a statement, the Philippines’ largest
lender said it has partnered with Hana Bank for a remittance
agreement.
Carmelita Araneta, Metrobank executive vice
president and International Offices and Subsidiaries Group head,
said the remittance tie-up will allow the Philippine lender to
extend products and services to Koreans based in the Philippines, as
well as to Filipinos working in Korean areas not covered by the
bank’s existing branches in Seoul and Pusan.
“This partnership with Hana Bank will bolster
Metrobank’s presence in South Korea,” Araneta said. “Hana Bank
is a major player in their country and with this tie-up we expect to
increase our market share in the area,” she added.
Hana Bank is the third largest in South Korea,
with about $135 billion in assets. The company offers commercial and
retail banking, insurance, trust services, currency exchange, and
credit cards through more than 625 branches. It is the centerpiece
of multiple financial-services provider Hana Financial Group.
Metrobank said its inward remittance figures
increased by 28 percent year-on-year to $1.04 billion in the first
quarter from $813.18 million in the same period last year.
Besides Korea, the bank has an extensive global
network in Asia Pacific such as in Hong Kong, Japan, Singapore,
Taiwan and Shanghai, the Americas such as in New York, Hawaii,
California, Chicago, Canada, and the Bahamas and Europe particularly
in London, Rome, Milan, Bologna, Madrid, Barcelona and Vienna.
With consolidated assets of P677.96 billion at
end-March this year, the bank recorded a net income of P1.76 billion
in the first quarter of this year.
-- Maricel E. Burgonio
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