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Metropolitan Bank and Trust Company was established by a group of businessmen on September 5, 1962, at the Wellington Building in Binondo, Manila. In August 1963, the bank's first branch was established in Divisoria. Four years later, Metrobank opened its first provincial branch, the Davao branch. At the onset of the 1970s, Metrobank opened its first international branch in Taipei, Taiwan's capital city.
In April 1997, the Central Bank authorized Metrobank to operate a foreign currency deposit unit . In the same year, branches and offices totaled 100 and the bank inaugurated its new head office at Metrobank Plaza in Makati.
On August 21, 1981, the Central Bank authorized Metrobank to operate as a universal bank. Following the grant of the universal banking license, Metrobank entered the following ventures: the acquisition of majority ownership of Philippine Savings Bank ; the establishment of a joint travel agency venture with Thomas Cook Group in Thomas Cook Phils., Inc. in 1986; and the tying-up with Toyota Motor Corporation of Japan and Mitsui to put up Toyota Motor Philippines in 1988. Metrobank subsequently entered into joint ventures with several renowned corporations like Sumitomo Mitsui Banking Corporation of Japan to create Sumigin Metro Investment Corporation; the National Mutual Holdings Ltd. of Australia to create Philippine Axa Life Insurance Corporation; and the ORIX of Japan to create ORIX Metro Leasing and Finance Corporation.
In September 1982, the number of Metrobank branches, offices and subsidiaries surpassed 200. A year later, Metrobank topped all private domestic banks in total resources, with ?8.8 billion.
The bank continued to experience steady growth through the years. In September 1989, it increased its authorized capital stock from ?2 billion to ?5 billion. The bank's total capital funds on June 30, 2006 stood at P57.3 billion. Its consolidated resources amounted to ?588.1 billion as of the same period. As of June 2007 assets reached ?669.1 billion .
In 1990, alongside Chinabank, Citibank, RCBC and Security Bank, Metrobank become a founding member of BancNet.
Metrobank's subsidiaries are Toyota Motor Philippines Corporation, Philippine Savings Bank, First Metro Investment Corporation, Metrobank Card Corporation, ORIX Metro Leasing and Finance Corporation, SMBC Metro Investment Corporation, First Metro Travelex , Philippine Axa Life Insurance Corporation, Mirant Global Corporation, Philippine Charter Insurance Corporation, MBTC Technology, Inc., Robert Browns Wear Inc , Toyota Financial Services Corporation, Toyota Cubao, Inc., Toyota Manila Bay Corporation, First Metro Securities Corporation, First Metro International Investment Co. Ltd., Metropolitan Bank Ltd., MB Remittance Center Inc. , Metro Remittance Singapore, Metro Remittance UK Limited, Metro Remittance SpA, Metro Remittance S.A. and MBTC Exchange Services GmbH .
The Metrobank Group has a combined network of over 800 local and international branches/offices, remittance offices and subsidiaries worldwide. It has 557 domestic branches and 32 offices in New York, Hong Kong, Tokyo, Osaka, Seoul, Pusan, Guam, Taipei, Kaohsiung, Madrid, Barcelona, Vienna, Rome, Bologna, Milan, Singapore, Chicago, Hawaii, and Shanghai.
On September 17, 2008, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. announced Banco de Oro and Metrobank set aside provisions totalling $94.7 million to cover their exposure to the Lehman Brothers' collapse. Metrobank set aside $14 million in provisional funds, and it has $20.4 million worth of bonds issued by Lehman Brothers and ?2.4 billion in loans to a Philippine-based subsidiary of the US investment bank. The BSP data revealed Metrobank has a Lehman Brothers exposure of $71 million, and it set aside a buffer equivalent to 70% of its exposure.On September 28, 2009, Metrobank is the first local bank to offer a line of CNY denominated offerings.In 2017, Metrobank made a deal with ANZ to increase its stake at Metrobank Card Corp. from 60 percent to 100 percent. Metrobank's joint venture with ANZ was formed in 2003. Since then, MCC has become a leading provider of credit cards in the Philippines, with more than 1.5 million cards based from the data of the Credit Card Association of the Philippines . MCC reported total assets of ?60.4 billion and a return on average equity of 36.3 percent. MCC is also number one in terms of receivables based on CCAP data. ANZ, on their part, announced that they would sell half of their 40% stake at MCC for US$144 million and had an option to sell the remaining 20% stake to Metrobank on the same terms, which would be exercisable in the fourth quarter of the 2018 fiscal year.
