December 19, 2024 | 12:00am
MANILA, Philippines — First Metro Investment Corp. (FMIC), the investment banking arm of Metropolitan Bank & Trust Co. (Metrobank), has finalized the sale of all its shares in First Metro Asset Management Inc. (FAMI) to a consortium.
The consortium includes the ATR Asset Management Group led by its parent company ATRAM Investment Management Partners Corp., MET Holdings Inc. as well as shareholder ATR Holdings, Inc.
In a regulatory filing to the Philippine Stock Exchange yesterday, Metrobank said it has completed the sale of its shares following the execution of a deed of absolute sale.
“Please be informed that First Metro executed today a deed of absolute sale with ATR Financial Holdings Inc.,” the bank said.
MET Holdings, however, transferred its rights to ATR Financial Holdings through an Accession Agreement before the final sale was executed.
The FMIC board approved the sale on Oct. 30, covering 1.05 million common shares or 70 percent of FAMI’s issued and outstanding capital stock.
The move marks another step in First Metro’s ongoing strategic decisions and realignment of its business interests.
Further details of the transaction have yet to be disclosed, but the sale is expected to have significant implications for both entities involved.
Metrobank recorded a 12.4 percent jump in earnings to a record P35.73 billion from January to September versus last year’s P31.79 billion, driven by strong asset expansion, improving non-interest income and better asset quality.
The bank’s footprint spans over 950 domestic branches nationwide, more than 2,300 ATMs as well as above 30 foreign branches, subsidiaries and representative offices.
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