MANILA, Philippines - Metropolitan Bank & Trust Co. (Metrobank) has been named the strongest bank in the Philippines and 20th in Asia-Pacific, according to a study by The Asian Banker.
Metrobank's subsidiary and thrift banking arm Philippine Savings Bank (PSBank) was also ranked fifth strongest bank in the Philippines, and the 57th strongest among the top 500 banks in Asia-Pacific.
The study, titled The Asian Banker 500, focuses on the performance of the top 500 banks in the region for 2010. Banks were ranked according to asset size and strength, and based on data from annual reports and statistics provided by the central bank and industry associations.
Out of the top 500 banks in the region, 16 Philippine banks made it to The Asian Banker list which is a testament to the strength and stability of the local banking sector.
Sixteen Philippine banks made it to the list of 500 strongest banks in the region. Aside from Metrobank, the list includes Banco de Oro Unibank Inc., Bank of the Philippine Islands and Land Bank of the Philippines.