Metrobank Card Corporation (A Finance Company and General Insurance Agency) [MCC] is now 100% owned by its parent bank, Metropolitan Bank & Trust Company [Metrobank].
In March 2019, the respective Board of Directors and stockholders of MCC and Metrobank approved and ratified the merger between MCC and Metrobank. The first notice of Merger to Cardholders of MCC was released on November 19, 2019, to inform clients that the Bangko Sentral ng Pilipinas has approved and endorsed the merger. The document also states that Metrobank and MCC await the approval of the Securities and Exchange Commission before the merger is deemed final.
This document can be viewed here.
On January 3, 2020, the Certificate of Merger was issued by the Securities and Exchange commission (SEC). The finality of the merger transferred all liabilities, transactions, and obligations of MCC to Metrobank.
Metrobank continues to honor and acknowledge the use of card plastics, collaterals, and other documents that bear MCC’s trademark or logo, until further notice.
The merger notice dated January 10,2020, can be viewed here:
With MCC’s merger with Metrobank, its credit card business is now under the Consumer Business Sector (CBS).
Why was Metrobank Card Corporation (MCC) merged with Metrobank?
Metrobank believes that the merger will unlock the value of Metrobank card and make it more competitive in the market, by enabling it to grow and expand its business. Additionally, this merger presents an opportunity to synergize and increase profitability while enhancing capital efficiency.
What will happen to Metrobank Card?
The corporate personality of Metrobank Card Corporation will cease to exist upon the issuance of a Certificate of Merger by the Securities and Exchange Commission. Metrobank Card will become a part of the Consumer Business Sector of Metrobank. There will be no workforce reductions, and employees’ tenure will be carried over upon the completion of the merger.
What does this merger mean for credit card accounts?
Operations will remain business-as-usual and there is no impact on credit card accounts. Cardholders will continue to enjoy all the features, benefits, and the easy payment options via the usual channels. The Terms & Conditions governing the issuance and use of the credit card as well as the applicable fees and charges shall remain the same until further notice. Outstanding balances and earned rewards points shall be carried over to Metrobank upon merger.
Metrobank will remain fully committed to be the best payment solutions provider in the Philippines, and cardholders can expect better synergy and improved operational efficiencies between Metrobank and Metrobank Card.
Will I be issued a new Metrobank credit card with regard to the merger?
No, a new credit card upon merger is not necessary. You may continue to use your current Metrobank credit card.
You will only be issued a new card as a replacement due to the following circumstances:
- Your card is about to expire and is up for renewal;
- You reported a lost or stolen card; or
- Your card type and its features need to be updated.
What are your contact details?
For questions of concerns, you may contact our customer service channels below:
Email address: customerservice@metrobankcard.com
Hotline number: (02)88-700-700
Domestic Toll Free: 1-800-1888-5775
International Toll Free: + 800-8-8-700-0707
For the full directory of our hotlines please visit bit.ly/MCC8digit