Globalbank, Philbank merger OK'd

Globalbank and Philbank stockholders have approved the merger plans of the two banks during their recent meeting. This move complements the recent approval of the Monetary Board of Globalbank's acquisition of 100 percent of Asian Bank (excluding 100 percent of AB Capital and its subsidiaries), paving the way for the integration of the three banks.

The merger of the three banks of the Metrobank Group will form a bigger and more formidable commercial bank with a networth of P5.9 billion, total resources of over P55 billion, and an expanded network of 144 branches. The integration is expected to be completed in a few months' time.

According to Globalbank president Robin King, he is confident that the merger will be successful.

"The consolidated bank will aim to be an efficient provider of financial services among the diverse markets it serves," he stressed. Furthermore, King said that the bank's vision is to be among the most respected financial institutions in the Asia-Pacific region and a leader in product innovation and customer service backed by a team of well-trained individuals utilizing the best technological systems.

King also stated that Globalbank will tap, among other markets, the Japanese multinationals (due to its affiliation with Tokai Bank) and the high-end corporate market, differentiating its products and services as well as its market focus to effect synergy and complementation within the Metrobank Group.