METROPOLITAN BANK & Trust Co. (Metrobank) has expanded its partnership with remittance company Pera Hub to provide fund transfer services to its clients.
The new service allows individuals who want to send cash to Metrobank clients to do so through Pera Hub branches, the lender said in a statement on Tuesday. Senders will need to present one valid ID and to fill out a remittance form.
Bank transfers can range from P100 to P25,000 and will be charged a fee of P100 per transaction.
Recipients can withdraw the money from any Metrobank automated teller machine or over the counter in its branches for those with passbook accounts.
“This added service with our partner, Pera Hub, shows that Metrobank remains committed to our customers in improving our services and providing them with more accessible and convenient channels to conduct their financial transactions with us,” Metrobank Executive Vice-President and Retail Banking Sector Head Richard Benedict S. So said.
Metrobank said its partnership with Pera Hub, which began in 2020, has helped give Filipinos accessible remittance channels.
Pera Hub is the retail network brand of PETNET, Inc., a transaction network with over 3,000 locations nationwide. Pera Hub offers products and services such as money changing, payment transactions and micro-insurance, among others.
Aboitiz Equity Ventures, Inc. (AEV) bought a 51% stake in PETNET in 2015. In 2018, AEV sold its majority stake in PETNET to subsidiaries City Savings Bank, Inc. and Union Properties, Inc. to consolidate its banking and financial services interests under affiliate UnionBank of the Philippines, Inc.
BEST BANK
Meanwhile, Metrobank was recognized as the “Best Bank in the Philippines” at the Euromoney Awards for Excellence 2022, solidifying its position as the country’s second-largest private universal bank.
“A changing of the guard this year as Metrobank pushes aside other local banks to post the best numbers in a mercurial year. Metrobank’s story was about more than prudence. The bank is out there supporting a reviving economy, recording a growth in its commercial lending business,” Euromoney was quoted as saying by the bank in a statement.
“It also took advantage of COVID-19 (coronavirus disease 2019) to push digital channels and launch a host of new services to address its customers’ needs. Pretty much the entire street rates Metrobank a buy right now in recognition of a growing bank with strong capital and asset quality,” Euromoney said.
For the Best Bank category, Euromoney Excellence Awards looks at these key metrics: market capitalization, total revenues, pre-tax profit, net income, return on tangible common equity, return on assets, net interest margin, cost-to-income ratio, Basel III Tier 1 capital, market share of deposits, market share of loans, and loan-to-deposit, nonperforming loan (NPL) and NPL coverage ratios.
“It is a great honor to be named as the Best Bank in the Philippines by Euromoney, which is a highly regarded institution in the financial industry. This is very timely as we mark our 60th anniversary of serving Filipinos this September,” Metrobank President Fabian S. Dee said in a statement on Monday.
“This award is a testament to the hard work of Metrobankers to maintain the bank’s status as a strong, reliable, and stable partner for all our stakeholders. At Metrobank, we remain committed to serving our customers as their trusted financial partner,” he added.
Metrobank’s net profit hit P8 billion in the first quarter, or 2.7% higher year on year, amid a stable net interest income supported by a recovery in loans, a rise in non-interest earnings, and marginal costs growth.
The Ty-led bank’s shares finished at P45.70 each on Tuesday, down by P1.20 or 2.56% from the previous close. — Keisha B. Ta-asan