MANILA - Metrobank said Thursday it would buy out ANZ Funds from their credit card venture, in a bet on growing retail.
Metrobank has a 60-percent stake in 14-year-old Metrobank Card Corp while ANZ Funds holds 40 percent.
The Filipino lender said that subject to regulatory approvals, it would purchase 20 percent of MCC for P7.4 billion while the remaining stake would be bought by the third quarter next year on the same terms.
Metrobank said MCC had 1.5 million cards, citing data from the Credit Card Association of the Philippines.
"With this transaction, we now have a great opportunity to further expand our retail capabilities," Metrobank told the stock exchange.
Metrobank shares were up 0.78 percent to P90.40 in early trading on Thursday.